May 11, 2020 / 8:30 AM / a month ago

BRIEF-CBA Says Got Final Regulatory Approval For Divestment Of Stake In Indonesian Life Insurance Business

May 11 (Reuters) - Commonwealth Bank of Australia:

* FINAL REGULATORY APPROVAL FOR DIVESTMENT OF CBA’S 80% EQUITY INTEREST IN ITS INDONESIAN LIFE INSURANCE BUSINESS RECEIVED

* TRANSACTION IS EXPECTED TO COMPLETE IN JUNE 2020

* ON COMPLETION, PT BANK COMMONWEALTH WILL ENTER INTO 15-YEAR DISTRIBUTION PARTNERSHIP WITH FWD GROUP FOR PROVISION OF LIFE INSURANCE PRODUCTS

* COMPLETION OF DIVESTMENT EXPECTED TO RESULT IN PRO FORMA UPLIFT TO CBA’S CET1 (LEVEL 2) CAPITAL RATIO OF 7 BASIS POINTS, BASED ON 31 DEC NUMBERS Source text for Eikon: Further company coverage:

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