Commonwealth Bank of Australia (CBA) today announced that the sale of Count Financial Limited (Count Financial) to ASX-listed CountPlus Limited (CountPlus) has completed. The transaction marks a significant milestone in CBA's decision to exit its aligned advice businesses.
CBA is committed to continuing to support and manage customer remediation matters arising from past issues at Count Financial. As previously announced, CBA will provide an indemnity to CountPlus of $200 million and all claims under the indemnity must be notified to CBA within four years.
In connection with the indemnity, CBA is undertaking a remediation program to identify and directly contact affected customers, and compensating them where required.
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