Commonwealth Bank of Australia (CBA) has retained external advisers to seek guidance on a possible sale of its life insurance business in Indonesia called PT Commonwealth Life, according to a Reuters report.
At present, the Australian lender is undetaking a strategic review of the business, in which it owns an 80% stake.
Earlier, CBA also announced that it was planning to sell its life insurance businesses in Australia and New Zealand to AIA Group.
The Indonesia deal could be valued at up to $250 million.
If the sale is closed, it will be another case of an Asia-Pacific bank leaving the insurance space in a bid to free up capital and direct its attention to core banking businesses.
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