CBA eyes sale of Indonesian life insurance business

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.

This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.

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