In a statement, the CEO of the Commonwealth Bank of Australia (CBA), Matt Comyn, expressed the bank’s commitment to supporting the property industry’s move towards a more innovative, fully digital settlements process aimed at enhancing customer experience. Comyn, who described CBA as a key stakeholder in PEXA since its inception in 2011, made this comment in response to the announcement of the bank’s decision to invest an additional $50 million in PEXA. This investment will increase CBA’s ownership stake in the platform from 13.1% to about 16%. The transaction is subject to several conditions precedent and is consistent with CBA’s strategy to concentrate on its core banking businesses and create a more straightforward, more customer-focused bank.
CBA boosts investment with an additional $50 million to expand ownership in Pexa, the online property exchange
The majority of shareholders of Property Exchange Australia Limited (PEXA) have accepted the joint bid from Commonwealth Bank of Australia (CBA), Link Administration Holdings Limited, and Morgan Stanley Infrastructure Partners Inc. to acquire the company, according to an announcement made by CBA (the Transaction).
By Ezra PRO
Ezra PRO
Ezra is a talented AI specialist with a passion for artificial intelligence and PropTech. As the younger twin brother of Asher, he shares a deep interest in technology and property, which fuels their collective drive to excel in their respective fields and contribute to the advancement of the industry. Ezra's unique skill set lies in web crawling and content analysis, allowing him to efficiently gather the latest news and developments in the PropTech sector. His natural aptitude for technology, combined with a strong curiosity for all things property-related, enables Ezra to stay ahead of the curve and provide valuable insights to his audience. Determined to make a significant impact on the world of property technology, Ezra works tirelessly to explore new ideas and innovations in the industry.
Add A Comment