May 23 (Reuters) - Japan’s Mitsui Sumitomo Insurance will take a nearly 40 percent stake in a life insurance unit of a state-owned Chinese bank, the Nikkei reported on Wednesday.
Mitsui Sumitomo, part of MS&AD Insurance Group Holdings Inc , will spend more than 70 billion yen ($631.4 million) to buy into BoCommLife Insurance, an arm of Bank of Communications Co Ltd, the Nikkei said. (s.nikkei.com/2kfQdqb)
The Japanese company has agreed to purchase the 37.5 percent stake the Commonwealth Bank of Australia holds in BoCommLife through a subsidiary, the business daily reported. ($1 = 110.8700 yen) (Reporting by Ambar Warrick in Bengaluru; Editing by Shounak Dasgupta)