CBA to sell remaining stake in HZB in $594 mln deal

Reuters01-24

UPDATE 1-CBA to sell remaining stake in HZB in $594 mln deal

Updates with further details on the deal, background

Jan 24 (Reuters) - Commonwealth Bank of Australia CBA.AX said on Friday it will sell its remaining 5.45% stake in Bank of Hangzhou 600926.SS to New China Life Insurance 601336.SS for gross proceeds of about A$940 million ($593.4 million).

In March 2022, amid market pressure, CBA sold off a 10% share in Bank of Hangzhou in a deal worth roughly A$1.8 billion, ending an investment that had been in place for almost two decades.

The latest transaction is expected to occur around mid-2025, CBA, Australia's No. 1 lender, said in a statement. ($1 = 1.5840 Australian dollars)

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sonia Cheema and Savio D'Souza)

((Adwitiya.Srivastava@thomsonreuters.com;))

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