BRIEF-Chong Hing Bank announces disposal of shareholding in Hong Kong Life Insurance

March 20 (Reuters) - Chong Hing Bank-

* Major transaction in relation to the disposal of Chong

Hing Insurance's shareholding in Hong Kong Life Insurance

Limited

* Consideration for disposal of shares shall be an amount in

cash equal to HK$7,100 million

* Sellers conditionally agreed to sell respective interests

in, and purchaser agreed to purchase all of issued share capital

of Hong Kong Life

* Sellers are Chong Hing Insurance, a unit of bank, Asia

Insurance Co, Ltd, OCBC Wing Hang Bank Ltd, Shanghai Commercial

Bank Ltd and Wing Lung Agency Ltd

* Would record an unaudited estimated gain of approximately

HK$1,087.60 million before taxation from disposal of disposal

shares

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