Commonwealth Bank will make a “partial transfer” of its CBA branded financial planning business, Commonwealth Financial Planning, to AIA Australia, the local arm of Hong Kong based insurer AIA Group.

CBA sold CommInsure Life to AIA Group in a A$2.3 billion deal completed this year. As part of the sale, the two companies entered into a joint co-operation agreement, which includes a 24-year Australian distribution agreement for AIA to provide CBA customers with life insurance products and support.

The partial transfer in the new agreement involves CBA transferring customer records with life insurance and simple wealth needs to AIA. This arrangement is subject to individual customers opting out of the transfer.

Certain intellectual property rights of the CFP business will also be transferred and some CFP employees will be given the opportunity to join AIA’s new financial advice business.

CFP has about 450 people, including support teams in the bank. CBA did not say how many it expects will transfer.

The bank is undertaking a strategic review of the remainder of CFP.