CBA Chief Executive Officer Matt Comyn said: “Having been a key stakeholder in PEXA since its inception in 2011, today’s announcement represents our continued commitment to support the property industry as it transitions towards an innovative, fully digital, settlements process that aims to provide improved experiences for customers.”
The Transaction aligns with CBA’s strategy to focus on its core banking businesses and to create a simpler, better bank for our customers.
As part of the Transaction, which is subject to a number of conditions precedent, CBA will invest a further $50 million, totalling approximately $100 million invested in PEXA to date.
This will result in an increase in our ownership stake from 13.1% to approximately 16%.
PEXA is Australia’s online property exchange network. It assists members (such as lawyers, conveyancers and financial institutions) to lodge documents with Land Registries and complete financial settlements electronically.