Commonwealth Bank of Australia (CBA.AX) announces Friday that it has entered into a binding sale agreement to sell its remaining 5.45% shareholding in Bank of Hangzhou Co., Ltd. to New China Life Insurance Co., Ltd, a Beijing headquartered life insurance company dual listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, for expected total gross proceeds of approximately A$940 million.
The completion of the transaction is subject to a number of conditions including regulatory approval from the National Financial Regulatory Administration, receipt of a confirmation opinion from the Shanghai Stock Exchange and registration of the share transfer by the Shanghai Branch of China Securities Depository and Clearing Corporation Limited.
Subject to the satisfaction of the conditions, the completion of the transaction is currently expected to occur around mid-2025.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.