March 13, 2019 / 9:08 PM / 4 days ago

Australia's CBA suspends wealth management and mortgage broking demerger

March 14 (Reuters) - Commonwealth Bank of Australia said on Thursday it had suspended preparations for the demerger of its wealth management and mortgage broking businesses in order to focus on implementing the recommendations of the Royal Commission inquiry.

However, the bank reiterated that it was still committed to “ultimately” exiting its wealth management and mortgage broking businesses.

Last week, Australia’s largest lender had said there was still a lot of work to be done under its remedial plan to address the 76 recommendations made by a powerful inquiry into the financial sector, which had revealed widespread instances of misconduct. (Reporting by Ambar Warrick in Bengaluru Editing by Phil Berlowitz)

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