Incredible Shrinking Australian Banks Shed $13 Billion of Assets

Australia’s once-sprawling big banks just keep getting smaller.

Commonwealth Bank of Australia on Wednesday said it has sold its global asset management business for A$4.13 billion ($2.9 billion) to Japan’s Mitsubishi UFJ Financial Group Inc., as it returns to its domestic banking roots. Already this year Australia’s biggest lender has exited its Indonesian insurance unit and South African digital operation.