Aug 23 (Reuters) - Commonwealth Bank of Australia CBA.AX :
* UPDATES ON DIVESTMENT OF AUSTRALIAN LIFE INSURANCE BUSINESS
* AGGREGATE PROCEEDS FOR CBA FROM TRANSACTION ARE EXPECTED TO BE $2,375M, A REDUCTION OF $150M FROM ORIGINAL SALE PRICE
* CBA AND ASB AGREED TO GRANT AIA AN OPTION TO EXTEND RESPECTIVE AUSTRALIAN AND NEW ZEALAND DISTRIBUTION AGREEMENTS FROM 20 YRS TO 25 YRS
* UPON COMPLETION REVISED TRANSACTION PATH IS EXPECTED TO HAVE RELEASED ABOUT $1.6 BILLION - $1.8 BILLION OF COMMON EQUITY TIER 1 (CET1) CAPITAL
* CBA TO RECEIVE FROM DEAL ABOUT $750 MILLION OF PROCEEDS AND DISTRIBUTIONS BY END OF 1H FY20 AND REMAINING $1,625 MILLION BY END OF FY20
* REVISED TRANSACTION PATH FOR COMMINSURE LIFE DOES NOT IMPACT SALE OF GROUP'S 37.5% EQUITY INTEREST IN BOCOMMLIFE
* IMPLEMENTATION OF JOINT CO-OPERATION AGREEMENT EXPECTED BEFORE END OF 1H FY20 AT WHICH TIME CBA WILL RECEIVE AN UPFRONT PAYMENT OF $500 MILLION
* CBA AND AIA WILL ENTER INTO A JOINT CO-OPERATION AGREEMENT