Commonwealth Bank Group divests Colonial Finance (UK) Limited
19 October 2000
The Commonwealth Bank Group today announced that it has sold Colonial Finance (UK) Limited to The Paragon Group of Companies PLC.
The purchase consideration is to be finalised after the drawing up of completion accounts, but is expected to be approximately GBP2.1m (AUD5.8m). The transaction will not have a material bearing on the Group's operating result.
Established by Colonial in 1996, Colonial Finance (UK) Limited provided unsecured personal loans and retail credit for consumer durables in the United Kingdom. Colonial Finance (UK) Limited came under Commonwealth Bank control in June 2000 following acquisition of Colonial Limited.
Commonwealth Bank Group has sold the business since it does not consider it to be relevant to its future international positioning.