Mallesons Stephen Jaques has advised the Commonwealth Bank of Australia on its HK$3.5 billion sale of its Hong Kong-based life insurance, pensions administration and financial planning businesses to Sun Life Financial. These businesses include CMG Asia and CommServe. Sun Life Financial was represented by its corporate legal team and Freshfields.

Mallesons’ team in Hong Kong advised CBA in relation to the legal, commercial and regulatory issues and completed the negotiation and documentation of the sale. The team in Hong Kong was supported by the firm’s deep resources in Australia, particularly through the establishment of a virtual data room for the finalisation of the due diligence in relation to the transaction.

Lead partner Adrienne Showering was supported by fellow partner Dieter Yih and lawyers Michelle Luk, Paul McBride, Robert Gibson, Karen Wu, Angela Kwan, Terence Lau and Alison Fidler.

The transaction is now targeted for completion within three months, subject to regulatory approvals.