Commonwealth Bank is delaying its demerger plans for its wealth management and mortgage broking businesses.
Announced today, the group said it is prioritising the implementation of the Royal Commission's recommendations, refunding customers and remediating past issues.
CBA has suspended preparations for the demerger in order to fully focus on these efforts, the group said.
"CBA remains committed to its strategy to become a simpler, better bank, including ultimately the exit of its wealth management and mortgage broking businesses," the group said.
To date, the bank has already paid or provisioned $610 million to remediating customers.
About $650 million has been spent on program costs and internal process improvements related to this work, while a further $200 million has been set aside as an indemnity provision for wealth management-related remediation. This includes ongoing service fees charged by aligned advisers, the group said.
"We are working to complete this work quickly and accurately," CBA noted.