
Commonwealth Bank of Australia completes stake sale in Bank of Hangzhou
CBA received approximately $940m, and CET1 ratio was raised by 17 basis points.
Commonwealth Bank of Australia (CBA) has completed the sale of its remaining shareholding in Bank of Hangzhou Co., Ltd to New China Life Insurance.
New China Life Insurance is a Beijing-headquartered life insurance company.
CBA expects the transaction to deliver a pro forma uplift to its common equity tier 1 (CET1) ratio of approximately 17 basis points.
The Australian bank first announced that it will sell its remaining 5.45% stake in Bank of Hangzhou in January 2025. Total gross proceeds are approximately $940m.
CBA first invested in the Bank of Hangzhou, a Chinese bank, in 2005.