Dec 9 (Reuters) - Commonwealth Bank of Australia CBA.AX said on Wednesday it would now fetch nearly a third more from the sale of its stake in a Chinese life insurer to Japan's Mitsui Sumitomo Insurance Co after China's banking regulator gave the nod to the deal.
Australia's largest bank expects an increase of about A$840 million ($622.36 million) in its post-tax gain in the first half from the BoCommLife stake sale as well as other divestments, it said in a statement.
It added that the final sale proceeds from the sale of its 37.5% stake in BoCommLife, an insurer also owned by Bank of Communications Co Ltd 601328.SS , is now expected at A$886 million, compared with A$668 million it initially announced in 2018. (https:// divestments are expected to add about 29 basis points to its core capital ratio, out of which 17 basis points will come from the BoCommLife deal.
The revisions were due to goodwill adjustments, foreign exchange rates and updates separation costs, CBA said.
CBA will report first-half results on Feb. 10.
($1 = 1.3497 Australian dollars)