Commonwealth Bank Exits Remaining Stake in Visa

   By Robb M. Stewart

MELBOURNE, Australia--Commonwealth Bank of Australia Ltd. (CBA.AU) has sold its remaining stake in payments company Visa Inc. (V) but also expects a rise in amortization charges following a review of its software assets.

The bank, Australia's largest lender by market value, said Monday it has sold its remaining interest in Visa for 439 million Australian dollars (US$320.6 million). It said it would realize a A$278 million after-tax profit on the exit.

CBA added a review of its capitalized software in the face of a rapidly changing technology environment will result in an acceleration of amortization totalling A$275 million. The charge relates largely to digital and direct-banking channels, it said.

Both the items will be reported as one-time items for the six months through Dec. 31.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

December 18, 2016 18:14 ET (23:14 GMT)

(ASX:AU000000CBA7-AUD)
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