Hong Kong billionaire Li said to near deal to buy CBA’s Indonesia unit
Signage for Commonwealth Bank of Australia is displayed atop the Commonwealth Bank Place building in Sydney, Australia, on Monday, Aug. 7, 2017. Commonwealth Bank has blamed a software coding error for more than 50,000 alleged breaches of money-laundering and terrorist-financing laws. Photographer: Brendon Thorne/Bloomberg
Billionaire Richard Li’s FWD Group is nearing an agreement to buy control of Commonwealth Bank of Australia’s Indonesian life insurance arm, people familiar with the matter said, in a deal that would boost the tycoon’s presence in one of the fastest-growing insurance markets.