Latest with Commonwealth Bank of Australia (ASX: CBA)

As per the latest news in the market, Commonwealth Bank of Australia (ASX: CBA) is now reported to have its mortgages undergo restructuring and one initiative would be to pull out the high risk low documentation products. Exemplary products are being labelled to have one year guaranteed rate, seven-year fixed rate, one year discounted variable rate, no fee loans, etc.

The group is thus making some changes with regards to its mortgage broker dealing system to have prudent lending standards being set while customers’ financial needs are met more efficiently.

Meanwhile, CBA indicated to demerge its wealth management and mortgage broking businesses, as per announcements made in the month of June 2018. CBA will also have a strategic review of its general insurance business, and this may be including a potential sale.

Regarding the scandals that the bank has been linked to, Commonwealth Bank reached an in-principle agreement with the Australian Securities and Investments Commission (ASIC) to settle the legal proceedings for the claims of manipulation of the Bank Bill Swap Rate (BBSW).

ASX: CBA was trading at $ 73.490, down -0.649%, as at July 04, 2018 (before market close), and had fallen 7.7% in last six months.


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