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CBA sells stake in Visa for $439m

AAP logoAAP 18/12/2016

Commonwealth Bank has sold its remaining minority shareholding in credit card giant Visa for $439 million, gaining an after tax profit of $278 million.

Australia's biggest bank has also written down some software assets by $275 million after tax as part of a review due to what it described as "the rapidly changing technology environment".

CBA said on Monday that both items will be reported as one-offs in the first-half ending December 31, 2016.

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