Aug 23 (Reuters) - Aia Group Ltd 1299.HK :
* UPDATE IN RELATION TO PROPOSED ACQUISITION BY AIA OF LIFE INSURANCE BUSINESS OF COMMONWEALTH BANK OF AUSTRALIA
* AIA EXPECTS THAT NET CASH OUTLAY WILL BE APPROXIMATELY US$1.0 BILLION FOR CMLA ACQUISITION
* AIA AND CBA AGREED TO EXTENSION OF THEIR STRATEGIC BANCASSURANCE PARTNERSHIPS FROM TWENTY (20) TO TWENTY-FIVE (25) YEARS
* AIA - CO & CBA MOVING TO IMPLEMENT PRINCIPAL COMMERCIAL AND STRATEGIC ELEMENTS OF CMLA ACQUISITION
* AIA - CO & CBA ALSO INITIATING AND UNDERTAKING ALTERNATIVE ARRANGEMENTS TO COMPLETE TRANSACTION