RETAIL BANKING | Staff Reporter, Australia

Scaling down: Australian banks are pulling out from Asia

CBA is tapping on advisors as it mulls the sale of its Indonesian life insurance business.

Sydney-based Commonwealth Bank of Asia has moved to engage advisors in a possible sale of its Indonesian life insurance business, PT Commonwealth Life., according to a media release.

This decision follows the announcement of the proposed sale of CBA’s life insurance businesses in Australia and New Zealand to AIA Group Limited in September 2017 for $3.8b.

The move is part of a larger trend where Australian bank are scaling down their presence in Asia and focusing their core business in their home countries or in New Zealand.

Also read: DBS acquires ANZ's wealth management and retail banking business

In similar exits, ANZ and National Australia Bank have also disposed of Asian and private banking businesses over the past two years.

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