Oct 23 (Reuters) - Commonwealth Bank of Australia CBA.AX :
* ANNOUNCED SALE OF ITS 80% INTEREST IN ITS INDONESIAN LIFE INSURANCE BUSINESS, PT COMMONWEALTH LIFE (PTCL), TO FWD GROUP
* PTCL CUSTOMERS WILL RETAIN ALL OF CURRENT BENEFITS OF THEIR EXISTING POLICIES
* CONSIDERATION ATTRIBUTABLE TO CBA ON COMPLETION IS EXPECTED TO BE $426 MILLION
* CBA'S INDONESIAN BANKING BUSINESS, PT BANK COMMONWEALTH (PTBC), WILL ENTER INTO A 15-YEAR LIFE INSURANCE DISTRIBUTION PARTNERSHIP WITH FWD
* UPON COMPLETION, TRANSACTION IS EXPECTED TO RESULT IN A POST-TAX GAIN ON SALE OF ABOUT $140 MILLION
* TRANSACTION EXPECTED TO COMPLETE IN FIRST HALF OF CALENDAR YEAR 2019, SUBJECT TO REGULATORY APPROVALS IN INDONESIA Source: Further company coverage: CBA.AX