Commonwealth Bank of Australia will sell its 37.5 per cent stake in a Chinese life insurer to Japan’s Mitsui Sumitomo Insurance for Rmb3.2bn ($502.3m), the bank said on Wednesday.
CBA said the sale of its stake in BoComm Life to Mitsui Sumitomo will result in an after tax gain of around A$450m ($340.7m).
“This transaction represents a further step in simplifying and focusing our portfolio and follows the announcement of the proposed sale of the Group’s life insurance businesses in Australia and New Zealand to AIA Group, and the strategic review of the Group’s life insurance business in Indonesia,” said CBA chief executive Matt Comyn.
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