Commonwealth Bank of Australia (CBA) has sold its remaining minority stake in global card network Visa for $439m.
CBA said that the stake sale has offered it a profit after tax of $278m.
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In a stock exchange filing, the bank said that a changing technology landscape prompted it to conduct a review of its capitalised software assets.
“This review has resulted in a one off acceleration of amortisation on certain capitalised software assets, principally relating to digital and direct banking channels, totalling $275 million after tax,” the statement said.
CBA added that both the stake sale and the software write-down would be reported as one-off items for the half-year ended December 2016.
CBA, along with Australia’s other major banks, took stake in Visa as part of the credit card giant’s $18bn IPO on the New York Stock Exchange in 2008. In the same year, CBA offloaded 51% of its stake in Visa for $355m.
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