Partner Content | Nikkei

New China Life Insurance to buy CBA's stake in Bank of Hangzhou for $594m

New China Life Insurance to buy CBA's stake in Bank of Hangzhou for $594m

Joshua Hoehne/ Unsplash.com

Commonwealth Bank of Australia said on Friday it will sell its remaining 5.45% stake in Bank of Hangzhou to New China Life Insurance for gross proceeds of about A$940 million ($593.4 million).

In March 2022, amid market pressure, CBA sold off a 10% share in Bank of Hangzhou in a deal worth roughly A$1.8 billion, ending an investment that had been in place for almost two decades.

The latest transaction is expected to occur around mid-2025, CBA, Australia’s No. 1 lender, said in a statement.

Reuters

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

This is your last free story for the month. Register to continue reading our content