Australia’s largest retail bank, Commonwealth Bank of Australia (CBA), has announced that the final regulatory approval for the divestment of its 80% equity interest in its Indonesian life insurance business (Commonwealth Life, or PTCL) to FWD Life Indonesia has been received.
The transaction is expected to complete in June 2020.
On completion, CBA’s Indonesian banking business, PT Bank Commonwealth (PTBC), will enter into a 15-year distribution partnership with the FWD Group for the provision of life insurance products.
PTCL customers will retain all of the current benefits of their existing policies and the partnership with FWD will allow PTBC’s banking customers to retain access to high quality life insurance products.
Established in Asia in 2013, Hong Kong-headquartered FWD is the insurance business of investment group, Pacific Century Group. FWD’s operations span Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan, and Malaysia.