What's happening with the CBA (ASX:CBA) share price this week?

It's been a big week for the bank.

| More on:
CBA share price money laundering asx bank shares represented by large buidling with the word 'bank' on it

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Commonwealth Bank of Australia (ASX: CBA) share price is down 0.2% in early afternoon trade.

The S&P/ASX 200 Index (ASX: XJO) is down 0.7% at this same time.

If the CBA share price closes in the red today, it will make 3 days of gains for the week and 2 of losses. Wednesday was the only other day shares closed lower, down 0.2% to $101.41 per share.

Below we take a look at what's been happening with CommBank over the week.

CBA share price shrugs off defamation allegations

The CBA share price closed up 0.2% on Monday, despite news that Colcambios Australia, a remittance company, had accused the big 4 bank of defamation.

Colcambios makes use of cryptocurrencies to transfer pesos and Aussie dollars between Columbia and Australia for its customers.

Concerned that money in its customers' accounts could stem from fraudulent activities, CommBank wrote letters saying they may "have fallen victim to a scam".

In its defence, CBA said it didn't mention Colcambios Australia by name, and that it was acting in accordance with its perceived legal duties.

Green loans

CBA's share price closed up 0.3% on Tuesday.

That was the day it revealed it had acted as the sole financier and "green coordinator" for Charter Hall Group's (ASX: CHC) Melbourne based development. Once completed, the development will serve as the new headquarters for Australia Post.

CommBank said the $202 million construction facility is Australia's maiden Climate Bond Initiative-certified Green Development Loan.

More legal woes

Thursday's news that the Australian Securities and Investments Commission (ASIC) had filed 30 charges against the bank didn't deter investors, who sent the CBA share price up 1.4% yesterday.

As my Foolish colleague, Tony Yoo noted, "The matters relate to CBA's promotion and sales of add-on insurance products CreditCard Plus and Loan Protection."

The bank is accused of "false or misleading representations" to some customers.

CommBank said it accepted that its prior behaviour was not acceptable and reported that it no longer sells these products. The bank will plead guilty and has already compensated 165 customers. It faces a maximum potential penalty of $1.7 million for each of the 30 offences.

CBA share price snapshot

The CBA share price is up 22% year-to-date, compared to a gain of 11% posted by the ASX 200.

Over the past month CBA's shares are up 3%.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Bank Shares

Happy young woman saving money in a piggy bank.
Bank Shares

Are ANZ shares still in the buy zone near 6-month highs

Bank stocks have rallied hard in 2024.

Read more »

Bank building in a financial district.
Bank Shares

Is this the $350 million reason the Big Four bank shares are falling today?

It’s another challenging day for banks.

Read more »

Young professional person providing advise to older couple.
Bank Shares

NAB shares sink on ASIC legal action

The banking giant failed 345 of its most vulnerable customers.

Read more »

Nervous customer in discussions at a bank.
Bank Shares

Is the NAB share price actually expensive?

Should investors be looking at NAB stock as a bargain?

Read more »

CBA share price represented by branch welcome sign
Bank Shares

Own CBA shares? Here's a major milestone you may have missed this week

CBA shares marked a groundbreaking achievement this week.

Read more »

A mature age woman with a groovy short haircut and glasses, sits at her computer, pen in hand thinking about information she is seeing on the screen.
Bank Shares

Up 52% in a year! Is this rocketing ASX bank stock the perfect pick for my retirement portfolio?

Are CBA shares right for retirees?

Read more »

A businessman slips and spills his coffee.
Bank Shares

Why is the CBA share price taking a tumble on Wednesday?

CBA shares are taking a fall today. Let’s find out why.

Read more »

A woman puts up her hands and looks confused while sitting at her computer.
Bank Shares

Why are ANZ shares tumbling 4% on Wednesday?

What’s going on with the big four bank’s shares today? Let’s find out why they are falling.

Read more »