CBA agrees to sell general insurance business to Hollard
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Commonwealth Bank of Australia has agreed to sell its CommInsure General Insurance business in Australia to South Africa-based insurer The Hollard Insurance Co. Ltd. for $625 million Australian ($468 million) in cash plus deferred payments, Reuters reported. The transaction will complete the bank’s multi-year divestment strategy, as part of which it offloaded its insurance and funds management businesses to focus on its core activities.
