Aussie bank to sell RI stake

Aussie bank to sell RI stake

SYDNEY (Dow Jones): Commonwealth Bank Of Australia, Australia's second largest bank by market capitalization, said Tuesday it is in talks with a number of parties for the sale of its joint venture holding in its life insurance business Ayudhya CMG in Thailand.

Sydney-based CBA is also seeking to sell its life insurance business in Indonesia, the company said in a brief statement to the Australian Stock Exchange.

A spokesman for CBA declined to comment further on talks held by potential buyers for its stake in Ayudhya CMG Life Assurance PCL or the bank's Indonesian operations.

In May, CBA said it would consider placing some of its Asian businesses on the block if the price was right.

Managing Director David Murray said the starting point would be to try to sell the assets.

CBA took control of its funds management and life insurance assets in the venture in Hong Kong, Malaysia, Vietnam, Thailand, Indonesia, the Philippines and China through its A$9.4 billion purchase of Colonial Ltd. in June 2000.