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AIA buys Commonwealth Bank's life unit for A$3.8b

The two parties will team up for 20 years under the deal to provide life insurance products to customers in Australia and New Zealand

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Commonwealth Bank also says it's considering a potential spin-off of its Colonial First State Global Asset Management business, which oversees A$219 billion.

Sydney

AIA Group Ltd agreed to buy Commonwealth Bank of Australia's (CBA's) life insurance business for A$3.8 billion (S$4.07 billion), in its most ambitious foray beyond the Hong Kong-based company's core markets in Asia.

AIA will team up with...

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