Commonwealth Bank in 2012 took a further write down on its investments in stockbroking subsidiaries acquired during the years of the equities boom.
Accounts for Commonwealth Securities show it took an impairment of A$17 million on subsidiaries during the year to June 3012. CBA took a much larger impairment of $120 million in 2011.
The impairments most likely relate to the business formerly known as IWL and acquired in late 2007 (and known before that as InvesorWeb).
CBA paid a notional value of $373 million for IWL at the time with around half of the purchase paid in...
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