March 1 (Reuters) - Commonwealth Bank of Australia (CBA) :
- CBA AGREES TO SELL 10% SHAREHOLDING IN BANK OF HANGZHOU
- TOTAL GROSS PROCEEDS EXPECTED TO BE RECEIVED BY CBA FOLLOWING COMPLETION OF TRANSACTION ARE APPROXIMATELY A$1.8 BILLION
- AGREED WITH HZB TO RETAIN ITS REMAINING SHAREHOLDING IN HZB OF APPROXIMATELY 5.57% UNTIL AT LEAST 28 FEBRUARY 2025
- TRANSACTION IS EXPECTED TO DELIVER A PRO FORMA UPLIFT TO GROUP'S CET1 RATIO OF APPROXIMATELY 35 BASIS POINTS
- COMPLETION OF TRANSACTION IS ESTIMATED TO RESULT IN A POST-TAX GAIN ON SALE OF APPROXIMATELY A$340 MILLION
- RESIDUAL 5.57% SHAREHOLDING IN BANK OF HANGZHOU CO WILL NOW BE TREATED AS A STRATEGIC EQUITY INVESTMENT
- GROUP WILL NO LONGER RECOGNISE ITS SHARE OF HZB PROFITS WITHIN OTHER BANKING INCOME
- COMPLETION OF TRANSACTION IS CURRENTLY EXPECTED TO OCCUR AROUND MIDDLE OF CY2022
News: CBA Commonwealth Bank of Australia Says To Sell 10% Shareholding In Bank Of Hangzhou
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