The China Banking and Insurance Regulatory Commission has granted approval for the divestment of CBA’s 37.5 per cent equity interest in BoCommLife to MS&AD Insurance Group Holdings, Inc., the ultimate parent company of Mitsui Sumitomo Insurance Co.
The final sale proceeds expected to be received by CBA are $886 million.
The total increase in unaudited post-tax statutory earnings related to the completion of BoCommLife and other divestments is expected to be approximately $840 million, which will be recognised as a non-cash item in the 1H21 result.
Shares in Commonwealth Bank of Australia (ASX:CBA) are trading 1.1 per cent higher at $82.73.