(Philippines) – The Commonwealth Bank of Australia has confirmed it is in talks with Canada’s Manulife Financial Corp to sell its Philippine unit CMG Life Insurance.The sale of the unit, which is expected to fetch up to A$20 million, is in line with the CBA’s strategy of focussing its insurance activities on northern Asia and China.
CBA picked up its Asian life operation when it purchased the Colonial Group in 2000. CBA wrote A$15 million off the value of its Asian life insurance business in 2002.