Fund Company Updates

CBA: shock findings of abusive text in message field in payments

The Commonwealth Bank of Australia (CBA) has committed to investing in counsellors to help women suffering financial abuse at the hands of partners. Staff at the bank were surprised to find that over a three-month, 8,000 customers had received an abusive message accompanying the payment made into their bank account. In July CBA said it was expanding a program to help those experiencing domestic abuse.

Aon and WTW merger approved by shareholders

Shareholders at Aon and Willis Towers Watson (WTW) have approved a merger. All proposals necessary for the merger to go ahead were voted on at extraordinary general meetings and at the special meeting of WTW shareholders ordered by the High Court of Ireland. Aon shareholders would own 63 per cent of the joint company, with WTW shareholders owning 37 per cent.

The merger was originally announced in March 2020 but was quickly followed by at least three lawsuits alleging WTW and its directors had filed incomplete/misleading information with the United States regulator, in breach of fiduciary duties. An investigation was launched into the sale price, and whether it was in the best interests of shareholders. The price remains 1.08 Aon shares for each WTW share held.

Regulatory approvals are still pending, but the merger is expected to be carried out in the first half of 2021.