CBA exits Indonesia insurance business
The Commonwealth Bank has announced the sale of 80 per cent of its Indonesian life insurance business, PT Commonwealth Life to FWD Group.
The big banking group announced the transaction to the Australian Securities Exchange (ASX) today, stating that as part of the deal CBA’s Indonesian banking business PT Commonwealth Bank would enter a 15-year life insurance distribution partnership with FWD.
The transaction has been valued at $426 million and follows on from CBA’s divestment of Sovereign in New Zealand to AIA Group and the announced divestment of CommInsure Life in Australia to AIA Group and CBA’s 37.5 per cent stake in BoComm Life in China to Mitsui Sumitomo.
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