Commonwealth Bank of Australia (CBA) today announced it has entered into an agreement to expand its partnership with AIA Australia (AIA) to include an advice referral arrangement, through the partial transfer of the Commonwealth Financial Planning (CFP) business to AIA Financial Services Limited, a wholly owned subsidiary of AIA.

Group Executive of Retail Banking Services, Angus Sullivan, said: “Today’s announcement is an exciting next step that builds on the strength of our partnership with AIA, and progresses our strategy to reimagine the products and services we offer our customers.

“CBA believes that quality financial advice plays an important role in helping Australians improve their financial wellbeing.

“Our expanded partnership with AIA will give us the ability to refer customers with life insurance and simple wealth needs to AIA.”

CBA will undertake a strategic review of the remainder of CFP in the context of CBA’s strategy to build tomorrow’s bank today, and improve the financial wellbeing of our customers.