Commonwealth Bank of Australia, the nation’s largest lender, plans to spin off its wealth management and mortgage broking businesses, and may sell its insurance unit.

The new company, to be listed on the Australian stock exchange and known as CFS Group, will also include its asset management businesses and Aussie Home Loans, the Sydney-based bank said in a statement Monday.

The previously announced initial public offering of its global asset management unit will no longer proceed. The bank will also conduct a review of its insurance business, including a potential sale.

The split is “another step in our stated priority to become a simpler, better bank,” Chief Executive Officer Matt Comyn said. “It also responds to continuing shifts in the external environment and community expectations, and addresses the concerns regarding banks owning wealth management businesses.”

The new business had net income of more than A$500 million ($372 million) in 2017, Commonwealth Bank said. It will be chaired by former Suncorp-Metway Ltd. CEO John Mulcahy, and has started looking for a chief executive officer.

Bloomberg

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