KKR completed the acquisition of a 55% stake in Colonial First State, a wealth management group from Commonwealth Bank of Australia, an Australian multinational bank for $1.8bn. The transaction is consistent with CBA’s strategy to focus on its core banking businesses and to create a simpler and better bank, while allowing CFS to become a more focussed standalone business and deliver a wide range of benefits for members. “Today marks the first day of Colonial First State as a standalone company and with that comes a far more agile operating model. We welcome KKR’s support as an endorsement of our business and our people, which provides us with significant confidence in our plans to achieve improved outcomes for our members’ superannuation and retirement,” Rob Coombe, CFS Executive Chairman.