CBA sells life insurance businesses
Two firms have advised CBA on the sale of 100 per cent of its Australia and New Zealand life insurance businesses.
Firms: Herbert Smith Freehills (CBA); Russell McVeagh (CBA); Ashurst (AIA Group Limited)
Deal: CBA has been advised on the sale of 100 per cent of its Australian life insurance business to AIA Group Limited (AIA).
CBA has also been advised on the sale of 100 per cent of its New Zealand life insurance business to AIA.
Value: $3.8 billion
Key players: The Herbert Smith Freehills legal was led by partner Tony Damian, together with special counsel, Claire Machin, senior associate Li-Lian Yeo, and solicitors Amelia Morgan and Tim Coorey.
The team is being supported by a number of other Herbert Smith Freehills lawyers in a range of specialist areas.
The Herbert Smith Freehills team is also working closely with the CBA legal team, including CBA’s group general counsel and group executive, group corporate affairs, Anna Lenahan; CBA’s head of advisory and M&A legal, Mark Alexander; and Henrietta Rowe, Kirsty Cox and Genovieve Lajeunesse of the Group’s advisory and M&A legal team.
The Ashurst team was led by partner Con Tzerefos (corporate) and included partners Natsuko Ogawa and Lisa Simmons, counsel Arabella Dove and senior associates Chris Harris and Jared Lynch (corporate); partner Rehana Box and senior associate Philip Hopley (insurance); partner Jamie Ng and counsel Joseph Chow (global markets); partner Andrew Harpur and senior associate Tim West (disputes); partner Kellech Smith and senior associate Stuart D'Aloisio (IP); partner Amanda Ludlow and counsels Clare Doneley and Emma Butler (TMT); partner Jane Harvey with senior associates Liz Grey and Emilie Maddox (employment); partners Ross Zaurrini and Bill Reid, counsel Justin Jones and senior associate Angie Ng (competition); with partner Jason Cornwall-Jones and senior associate Gaby Stach (property).
Deal significance: In this transaction, Herbert Smith Freehills advised CBA on the sale of its Australian life insurance business to AIA, while Russell McVeagh advised on the sale of the company’s New Zealand life insurance business.
According to a statement from Herbert Smith Freehills, the sale includes a 20-year partnership with AIA for the provision of life insurance products to CBA Group’s customers in Australia and New Zealand.
The transaction is subject to certain conditions and regulatory approvals in Australia and New Zealand and is expected to be completed in calendar year 2018, the statement said.
“It is a privilege to be working with CBA on this very significant transaction,” noted Tony Damian, global co-chair of Herbert Smith Freehills’ banks sector group.
“The sale of CBA’s life insurance businesses in Australia and New Zealand represents an important strategic milestone for the bank which we are delighted to be a part of.”