Malaysian Life Insurance Business Sold

2 July 2002

The Colonial Mutual Life Assurance Society Limited (CMLA), a subsidiary of the Commonwealth Bank of Australia has today entered into a conditional sale and purchase agreement with Tower-Ed Sdn Bhd for the proposed sale, together with EON Bhd, of its interest in EON CMG Life Assurance Bhd (EON CMG Life).

The Commonwealth Bank’s decision to dispose of its interest in EON CMG Life is as a consequence of a strategic review of its international businesses and in particular, is a response to the Malaysian government’s call for the consolidation of the insurance industry.

The Commonwealth Bank wishes to acknowledge and thank its joint venture partner, EON Bhd, for its support and contribution to EON CMG Life during the entire period of its partnership together. Mr Allan Roney from the Commonwealth Bank, a director of EON CMG Life, said he was very grateful for the relationship with EON Bhd and the support the company had given to EON CMG Life and he wished both EON Bhd and EON CMG Life well in their future endeavours.