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.

Company Profile – free sample

Thank you!

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 form

By GlobalData