SYDNEY: Australia’s biggest bank announced a major shake-up Thursday, offloading its Australian and New Zealand life insurance business to AIA for Aus$3.8 billion (US$3.0 billion) while reviewing the future of its global asset management arm.

Troubled lender the Commonwealth Bank (CBA) is under a cloud as it faces legal action over alleged breaches of money laundering and terror financing laws, and has also been beset by a scandal over poor financial planning advice.

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