Commonwealth Bank has told the Australian Securities Exchange today its shareholding in Suncorp Metway has now reached 10.04%.

The bulk of the 64,389,689 shares are held by the bank’s investment arm Colonial First State and its Bank Officers Superannuation Fund.

First State’s investment in Suncorp is based on research undertaken by the fund manager’s investment team, which operates separately from the bank.

The fund manager has been active in buying and selling Suncorp shares in the past six months with hundreds of shares being bought or sold on any one day.