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.