June 21 (Reuters) - Commonwealth Bank of Australia (CBA) :
- CBA ANNOUNCES SALE OF GENERAL INSURANCE BUSINESS-CBA.AX
- SAYS TRANSACTION CONSIDERATION INCLUDES $625 MILLION OF UPFRONT CONSIDERATION
- CBA WILL ALSO CONTINUE TO EARN INCOME ON DISTRIBUTION OF HOME AND MOTOR INSURANCE PRODUCTS
- SAYS A PRE-COMPLETION DIVIDEND IS ALSO EXPECTED TO BE RECEIVED BY CBA
- UPON COMPLETION, TRANSACTION IS EXPECTED TO DELIVER AN INCREASE OF APPROXIMATELY $400M OF COMMON EQUITY TIER 1 (CET1) CAPITAL
- SAYS TO SELL ITS AUSTRALIAN GENERAL INSURANCE BUSINESS TO HOLLARD GROUP (HOLLARD)
- TRANSACTION IS ESTIMATED TO RESULT IN A POST-TAX GAIN ON SALE OF APPROXIMATELY $90M
- TRANSACTION REMAINS SUBJECT TO APRA APPROVAL AND IS CURRENTLY EXPECTED TO OCCUR IN MID-CALENDAR YEAR 2022
- TO ESTABLISH 15-YEAR STRATEGIC ALLIANCE WITH HOLLARD FOR DISTRIBUTION OF HOME AND MOTOR VEHICLE INSURANCE PRODUCTS TO CBA'S RETAIL CUSTOMERS
News: CBA Commonwealth Bank Of Australia Announces Sale Of General Insurance Business
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