Commonwealth Bank (ASX:CBA) completes sale of CommInsure to AIA Australia

Company News

by Melissa Darmawan

Commonwealth Bank (ASX:CBA) has completed the sale of its Australian life insurance business, CommInsure Life to AIA Australia.

The bank received approximately $2.4 billion for the sale including the final installment of $100 million.

The sale follows the company looking to focus on their consumer banking business.

Shares in Commonwealth Bank (ASX:CBA) are trading 0.3 per cent lower at $85.83.