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Australia's CBA reworks life insurance unit sale deal terms with AIA

Published 23/08/2019, 09:09 am
© Reuters.  Australia's CBA reworks life insurance unit sale deal terms with AIA
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Aug 23 (Reuters) - Commonwealth Bank of Australia CBA.AX said on Friday it signed revised agreements with AIA Group Ltd 1299.HK to help progress the planned divestment of its Australian life insurance business Comminsure Life to the the Hong Kong-based firm.

The revised agreement includes a reduction in the original sale price, while AIA would have an option to extend the Australian and New Zealand distribution deals to 25 years from 20 years.

Australia's top lender agreed to sell the unit to AIA Group for $3.1 billion in Sept. 2017, in what was the biggest Asian buyout of an Australian financial firm at that time.

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