Sun Life acquires Australian Bank's Hong Kong unit.Canada's Sun Life Financial Inc. said it agreed to buy the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. insurance and pension operations of Commonwealth Bank of Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , a move Sun Life said will make it the seventh-largest life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. in Hong Kong. Under the agreement, Sun Life will pay C$560 million (approximately US$458 million) to Commonwealth Bank for CMG CMG Coastal & Marine Geology (USGS) CMG Chipotle Mexican Grill, Inc. (stock symbol) CMG Companion (of the Order Of) St Michael and St George CMG Computer Measurement Group Asia and CommServe Financial. Sun Life said it will use existing cash for the purchase, which it expects to contribute to earnings per share and return on equity immediately. The transaction is expected to close late in the third quarter of this year, pending regulatory approval by authorities in Hong Kong, Bermuda and Canada. Sun Life Financial (Hong Kong) Ltd., the unit of Sun Life that will absorb the two entities, is registered in Bermuda. |
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