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Commonwealth Bank of Australia mulls First State IPO

The Commonwealth Bank of Australia has announced it is conducting a strategic review of First State Investments, which could see the business filing for an IPO.

In a note to the Australian stock exchange today, CBA said the strategic review will include a range of options, one of which is an IPO.

Colonial First State Global Asset Management, which is known outside of Australia as First State Investments, has A$219bn (£129bn) in assets under management.

“This review will consider long-term Commonwealth Bank shareholder value,

including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel,” the announcement said.

In a separate note to UK investors, First State said it is unlikely any decisions will be made this year.

“Our primary focus during the period of strategic review will of course continue to remain on our clients, the provision of efficient investment services, quality risk-adjusted returns and being a responsible steward of your investments,” First State adds.

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