Commonwealth Bank of Australia (ASX:CBA) sells BoCommLife for $886 million

Commonwealth Bank of Australia (ASX:CBA) is set to sell its equity interest in BoCommLife Insurance Company Limited and other divestments.

The China Banking and Insurance Regulatory Commission has granted approval for the divestment of CBA’s 37.5 per cent equity interest in BoCommLife to MS&AD Insurance Group Holdings, Inc., the ultimate parent company of Mitsui Sumitomo Insurance Co.

The final sale proceeds expected to be received by CBA are $886 million.

The total increase in unaudited post-tax statutory earnings related to the completion of BoCommLife and other divestments is expected to be approximately $840 million, which will be recognised as a non-cash item in the 1H21 result.

Shares in Commonwealth Bank of Australia (ASX:CBA) are trading 1.1 per cent higher at $82.73.
 
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Source: Finance News Network