It looks like the race for the general insurance business of Commonwealth Bank of Australia (CBA) has become tighter.
A DataRoom report by The Australian said Tokio Marine is understood to have been shortlisted, supposedly joining Australian giants Insurance Australia Group (IAG) and Suncorp Group who are said to be leading the contest.
According to the publication, IAG is being advised by Bank of America; Suncorp, UBS; and Tokio Marine, Macquarie Capital.
Meanwhile the report said another company is also in the running to snap up CBA’s general insurance operations. QBE Insurance Group was cited by The Australian as among the four bidders, although with ‘less certainty’.
Final bids are said to be due in April.
Earlier this year, CBA declined to comment when contacted by Insurance Business about the sale.