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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData