Davis Polk Advises Commonwealth Bank of Australia on the Sale of Its Asset Management Business to Mitsubishi UFJ Trust and Banking Corporation

Davis Polk is advising Commonwealth Bank of Australia on the U.S. aspects of its $4.1 billion sale of the Colonial First State Global Asset Management business to Mitsubishi UFJ Trust and Banking Corporation. The acquisition is expected to close in late 2019, subject to regulatory approvals and other customary closing conditions.

The Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services.

The Davis Polk corporate team includes partners Byron B. Rooney and Phillip R. Mills and associates Dan Gibbons and Doug Howell. Partner Gregory S. Rowland and counsel Sarah E. Kim are providing 1940 Act advice. Counsel Christopher M. Paridon and Zachary J. Zweihorn are providing regulatory advice. Partner Michael Mollerus and associate Itay Peer are providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.