Sun Life Financial Inc. has agreed to pay the equivalent of about $450 million for CMG Asia and CommServe Financial.[@@]

CMG Asia is the Hong Kong insurance unit of Commonwealth Bank of Australia, Sydney, and CommServe is the bank’s Hong Kong pension unit.

The deal is subject to approval from regulators in Hong Kong, Bermuda and Canada, according to Sun Life, Toronto.

Sun Life hopes to complete the deal by Sept. 30.

Completion of the deal would make Sun Life’s operation in Hong Kong the seventh largest life insurer in Hong Kong, Sun Life says.