August 22, 2019 / 11:12 PM / a month ago

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

Aug 23 (Reuters) - Commonwealth Bank of Australia said on Friday it signed revised agreements with AIA Group Ltd 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.

Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin

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