October 22, 2018 / 9:48 PM / 21 days ago

Australia's Commonwealth Bank to sell majority stake in Indonesian unit for $301.6 mln

Oct 23 (Reuters) - Commonwealth Bank of Australia said on Tuesday it would sell its 80 percent stake in Indonesian life insurance business PT Commonwealth Life to Hong Kong billionaire Richard Li-owned FWD Group for A$426 million ($301.57 million).

“Transaction aligns with CBA’s strategy to focus on its core banking businesses and to create a simpler and better bank,” the bank said in a statement. ($1 = 1.4126 Australian dollars) (Reporting by Rushil Dutta in Bengaluru Editing by James Dalgleish)

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