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Australia's CBA to sell majority stake in home loan business to Lendi

Dec 16 (Reuters) - Commonwealth Bank of Australia said on Wednesday it would sell a majority stake in its home loan business to Lendi via creation of a combined company, creating one of the largest mortgage broker networks in Australia.

Australia’s largest bank will retain 45% of the combined company, with Lendi holding the rest. CBA expects a pre-completion dividend of A$105 million ($79.34 million). ($1 = 1.3235 Australian dollars) (Reporting by Arundhati Dutta in Bengaluru)

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