BRIEF-Commonwealth Bank Of Australia Says Sells Equity Interest In BoComm Life Insurance Co

Reuters

May 23 (Reuters) - Commonwealth Bank Of Australia:

* SELLS 37.5% EQUITY INTEREST IN BOCOMM LIFE INSURANCE CO TO MITSUI SUMITOMO INSURANCE CO FOR RMB3.2 BILLION

* DEAL EXPECTED TO RESULT IN AN INDICATIVE AFTER TAX GAIN ON SALE OF $450 MILLION

* EXPECTED IMPACT TO COMMON EQUITY TIER 1 RATIO FROM TRANSACTIONS IS A NET INCREASE OF 13 BASIS POINTS

* PRIOR TO TRANSACTION, BOCOMM LIFE TO UNDERTAKE CAPITAL INCREASE FOR WHICH CO'S PRO RATA CONTRIBUTION WILL BE RMB1.125 BILLION

* RMB1.125 BILLION AMOUNT TO BE SEPARATELY REIMBURSED IN FULL BY MITSUI SUMITOMO INSURANCE ON DEAL'S COMPLETION

* COMPLETION OF TRANSACTION WILL SATISFY SALE CONDITION OF CO'S LIFE INSURANCE BUSINESSES IN AUSTRALIA & NZ TO AIA GROUP

* SALE OF BOCOMM LIFE STAKE'S COMPLETION SUBJECT TO CHINA BANKING AND INSURANCE REGULATORY COMMISSION'S REGULATORY APPROVAL PROCESS & OTHER CONDITIONS Source text for Eikon: Further company coverage: