Commonwealth Bank of Australia has sold its remaining stake in Visa for $439 million. The bank said the rapidly changing technology environment had prompted the bank to review the value of certain capitalized software assets, principally relating to digital and direct banking channels. This review had resulted in a one-off acceleration of amortization totaling $275 million after tax, the bank said. The bank said the sale of the stake, which it gained as part of Visa’s float on the New York Stock Exchange in 2008, would deliver CBA an after-tax profit of $278 million.
