September 20, 2017 / 9:30 AM / a year ago

AIA close to buying Commonwealth Bank of Australia's $4 bln insurance unit -sources

HONG KONG, Sept 20 (Reuters) - Hong Kong-based insurer AIA Group Ltd is close to acquiring Commonwealth Bank of Australia’s (CBA) insurance business which is likely to be valued at nearly $4 billion, two people with direct knowledge of the matter said.

An announcement on the transaction is expected to be made as soon as this week, the people said, declining to be named as they were not authorised to talk about it before a public announcement.

CBA said last month it was in talks to sell its life insurance business, although it did not name any potential buyer and added that the outcome of the negotiations was uncertain.

Spokesmen for AIA and CBA declined to comment. (Reporting by Sumeet Chatterjee and Tom Westbrook; Editing by Muralikumar Anantharaman)

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