for its life insurance arm under a revised deal to sell the business to AIA Group, in a move the bank says will bring about greater certainty for investors.CBA on Friday said the plan to sell off its insurance arm said getting regulatory approvals had created an "extended period of uncertainty” for the business, so it has changed the terms of the sale.
Under the revised deal structure, CBA has ring-fenced its stake in Chinese life insurer BoComm Life, which it selling in a separate arrangement to. The sale of CBA's larger domestic life insurance business to AIA could not go ahead until BoComm was sold, but that sale has been held up by China's regulators.
The new plan means the sale to AIA can go ahead irrespective of when BoComm is sold. CBA will receive less, but can tell its investors when it will receive the funds, some of which will be returned to shareholders via a potential share buyback.It now expects to get $2.375 billion, about $150 million less than previously expected, and it will receive the proceeds over the coming financial year.
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