March 29, 2018 / 12:13 AM / 6 months ago

Australia's CBA reviews Indonesian life insurance business

March 29 (Reuters) - Commonwealth Bank of Australia said on Thursday it is undertaking a strategic review of its Indonesian life insurance business, PT Commonwealth Life, and that it has engaged external advisers for guidance on a possible sale of the venture.

The decision follows an earlier announcement of the proposed sale of the bank’s life insurance businesses in Australia and New Zealand to AIA Group, the company added in a statement.

Reuters had earlier reported, citing people familiar with the matter, that Australia’s biggest lender was considering selling its majority stake in an Indonesian insurance venture. (Reporting by Shashwat Pradhan in Bengaluru; Editing by Stephen Coates)

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