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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
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.
PHOTO: AFP
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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