Symond tracks Aussie exit
Two asset sales and one purchase dot the full year profit for Commonwealth, none disclosed before yesterday's results announcement.The acquisition of the minority 20 per cent holding in Aussie Home Loans that CBA does not own is the most interesting.John Symond, Aussie's founder and brand champion, "exercised his put option, which will require the [bank] to acquire [his] interest in AHL," CBA said. "The purchase price ... will be determined in accordance with the terms agreed in 2012," and disclosed later. The consideration "will be paid in the issue of CBA shares."With keen timing, Symond exercised his option on 4 August 2017, the day late last week when AUSTRAC dumped its civil allegations on CBA over money laundering.CBA also lifted the lid on efforts to sell its life insurance businesses in Australia and New Zealand, the heart of CommInsure."We are in discussions with third parties in relation to their potential interest," the bank said, while leaving the door open to other options.Finally, three weeks ago, "the bank entered into an agreement to transfer CBA's County Bank ownership in China to Qilu Bank."