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Commonwealth Bank announces major sale of Chinese insurance business – NEWS.com.au
Commonwealth Bank announces major sale of Chinese insurance business
Commonwealth Bank has sold its major stake in a Chinese insurance company as part of its wider divestment overhaul from wealth and insurance businesses. The country’s largest bank on Wednesday announced it had been granted approval by the China Banking and Insurance Regulatory Commission to sell its 37.5 per cent share in BoCommLife to MS&AD Insurance for $886 million.
Its decision to bow out of the Chinese insurance market is the latest divestment by CBA, which is seeking to simplify its operations…
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