CBA announces sale of BoComm Life Insurance Company

Company News

by Anna Napoli

The Commonwealth Bank (ASX:CBA) has announced the sale of its interest in BoComm Life Insurance Company for $668million.

 The Bank will sell its 37.5 per cent stake in the Chinese life insurer to a Japanese insurer, Mutsui Sumitomo Life Insurance company.

Selling BoComm was a condition for the sale of CBA's life insurance businesses to AIA announced last year.

CEO Matt Comyn says the sale represents a further step in simplifying and focusing the banks portfolio.

Shares in CBA (ASX:CBA) are down 0.3 to $70.04.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.