CANBERA (dpa-AFX) - 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.
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