Commonwealth Bank of Australia (ASX: CBA) shares are edging higher today with the market.
At the time of writing, the banking giant's shares are up slightly to $98.90.
What's driving CBA shares higher?
While there hasn't been any major news out of the bank, there has been a couple of smaller announcements for shareholders to take note of today. The first announcement relates to its New Zealand subsidiary, ASB Bank.
This morning, CBA released an update on a class action involving the bank. The proceedings relate to ASB's compliance with parts of the New Zealand Credit Contracts and Consumer Finance Act 2003 (Act), which requires variation disclosures to be issued when customers and ASB make agreed changes to loan agreements.
Today's update reveals that on 11 and 12 July the New Zealand Court of Appeal will hear ASB's appeal from an earlier High Court decision permitting the plaintiffs to pursue their claims as an opt-out representative proceeding. This ruling meant customers would have to opt out if they don't want to take part in the class action.
As things stand, this means the proposed class action and the allegations made in the proceedings would potentially cover hundreds of thousands of loans. As a result, ASB does not consider that this is an appropriate case to proceed as an opt-out representative proceeding. We'll soon find out if the High Court agrees.
What else?
In other more positive news, CBA has revealed that it has made an equity investment in Wollemi Capital, as part of the global climate specialist investment firm's Series A capital raising.
Sydney-based Wollemi invests in the businesses and projects vital to supporting the global transition to net zero, with a focus on food, agriculture and natural capital, energy transition, and climate services.
CBA's Group Executive Institutional Banking & Markets, Andrew Hinchliff, commented:
This investment will enable CBA and Wollemi to collaborate on a broad range of initiatives aligned to the bank's commitment to play a leadership role in Australia's transition and ambition to help our customers reduce their emissions.
Our strategic investment in Wollemi is intended to accelerate the innovation needed to drive Australia's transition across key sectors, as well as develop carbon markets as an important transition tool. It will significantly contribute to the development of CBA's climate, carbon and biodiversity expertise and our ability to play a leadership role in supporting investments in climate linked businesses as they scale their operations.
