CBA’s Reputation Damaged. AUSTRAC Starts Anti-Money Laundering Action. Stewardship Rating Downgraded
Wide-moat Commonwealth Bank of Australia is facing serious reputational damage because of the Australian Government’s anti-money laundering agency, Australian Transaction Reports and Analysis Centre, or AUSTRAC, starting legal proceedings against the bank. Our AUD 85 fair value estimate is unchanged and at current prices, stock is trading 4% below our valuation. We are surprised at the alleged number and value of incidents and disappointed in another apparent risk management failing and conseque...Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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