(20 June 2011 – Australia) Commonwealth Bank of Australia (CBA) has denied reports it is interested in buying Insurance Australia Group (IAG).It was claimed last week that the deal worth nearly A$7 billion was under consideration by Australia’s largest bank to expand its insurance division, but no formal negotiations had been carried out.
Speculation was swiftly shot down by CBA in a statement issued to the Australian Securities Exchange last week.
‘The CBA wishes to clarify that contrary to the implications contained in media reports it has no current interests, nor has it ever had any interest, in acquiring IAG,’ the statement said.