Colonial First State takeover by KKR

Letter to Investors

Colonial First State takeover by KKR

Dear XYZ,

This has been a time like no other. As Coronavirus-related restrictions start to ease we remain committed to helping our members during the period of recovery that is ahead of us.

We have implemented all Government measures introduced and to date we’ve helped over 100,000 Australians access their super early. It is our priority to ensure members are paid their money as quickly and securely as possible. Be aware of scammers by visiting the Stay Smart Online website for information about scams and how to protect your personal information.

CBA announcement
It was recently announced that global investment firm KKR will acquire a 55% ownership of Colonial First State subject to regulatory approvals. The Commonwealth Bank will retain a 45% shareholding over the medium term. Regulatory and Foreign Investment Review Board approvals are expected during the first half of 2021.

We’re excited about all the opportunities this presents for the financial future of our members and the products and services we can provide you.

You can be assured your super will continue to be managed by a trustee comprising of a majority independent Board whose primary duty is to members of our fund. This structure will not change. Additionally, all super funds are strictly regulated under the Superannuation Industry (Supervision) Act and we’ll still answer to the same two government bodies, APRA and ASIC.

We’ve launched a new mobile app
During these uncertain times, it’s important to be able to access your account whenever you need to. With the app, you’ll be able to keep an eye on your balance, recent transactions, update your contact details, and more. If you have yet to download it, why not try it today?

We’re here to help
To help members during this time visit our wellbeing and support page where you’ll find valuable resources and support. You can also call us on 13 13 36, Monday to Friday 8am to 7pm Sydney time or contact your financial adviser.

Kind regards,

Michael Venter

Chief Operating Officer
Colonial First State

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