The Hong Kong office of Debevoise & Plimpton LLP has advised long-standing client AIA Group (AIA) in relation to the acquisition of the life insurance business of Commonwealth Bank of Australia (CBA) in Australia and the life and health insurance business of CBA in New Zealand. As part of the acquisition, AIA will enter into 20-year strategic bancassurance agreements with CBA in Australia and with CBA’s subsidiary, ASB Bank Limited, in New Zealand. The gross consideration to be paid for the transaction is AUS$3.8 billion, subject to certain completion adjustments.

Subject to regulatory approvals, the acquisitions are expected to be completed in 2018.

The acquisitions and related distribution agreements will see AIA become the leading life insurer in both Australia and New Zealand’s individual life protection segments.

Debevoise has advised AIA on all of its major recent transactions, including its landmark 2013 exclusive bancassurance partnership with Citibank that encompassed 11 markets, the acquisition of ING's Malaysian insurance businesses in 2012 and the acquisition of Sri Lanka’s leading insurance company, Aviva NDB Insurance, from Aviva and Sri Lanka’s National Development Bank.

The Debevoise team advising AIA on the transaction was led by Hong Kong partner Edwin Northover, with assistance from associates Allison A. Lee and Wen-Wei Lai.

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