Commonwealth Bank is merging its loan broking business Aussie Home Loans with online broker Lendi, in a deal that will see CBA retain 45 per cent of the combined business.

The bank announced yesterday that it will receive deferred consideration and a pre-completion dividend of A$105 million, subject to adjustments.

CBA chief executive Matt Comyn said in a statement that Aussie’s 970 brokers would get the benefit of Lendi’s “enhanced digital capabilities”.

The deal is expected to be completed by the middle of next year.

Aussie currently manages more than $70 billion of home loans. Lendi has $7 billion of loans on its platforms.

Lendi shareholders include ANZ and Macquarie Group.

News of the Aussie merger comes a week after the bank reported that the China Banking and Insurance Regulatory Commission had approved the sale of its 37.5 per cent stake in BoCommLife to MS&AD Insurance Group, the parent of Mitsui Sumitomo Insurance.

In the past year, the bank has also offloaded its 80 per cent interest in Indonesian life insurance company PT Commonwealth Life to PT FWD Life Indonesia, Count Financial to CountPlus, Colonial First State Global Asset Management to Mitsubishi UFJ Trust and Banking Corp and wholesale broker Ausiex (which trades as CommSec Adviser Services) to Nomura Research Institute.

CBA said the Aussie transaction is not expected to have a material financial impact on its capital position.

Last week it reported that the increase in after-tax earnings from divestments in the December half would be around $840 million, which would be recognised as a non-cash item.

The capital impact of the divestments would be a 29-basis point increase in the bank’s common equity tier 1 capital ratio.