CBA sells EDS stake

The Commonwealth Bank of Australia (CBA) has sold its 35 percent stake in EDS Australia (EDSA) to the services giant's US parent company.

In a statement issued on Thursday, EDSA chairman Steve Schuckenbrock said that deal was a "measure of the maturity of the Commonwealth Bank-EDS relationship that the time is right for the transaction to occur".

"When the Commonwealth Bank and EDS announced the 10-year contract in 1997, an important part of the deal was for the bank to take an equity position with EDSA.

"However, a jointly owned company is not required for EDS and the Commonwealth Bank to have a strong, constructive business relationship moving forward," he said.