Sun Life Financial Inc. today announced that it has completed the acquisition of CMG Asia and CommServe Financial, the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia.

The deal, previously announced on July 5, 2005, has been approved by regulatory authorities in Hong Kong and the Office of the Superintendent of Financial Institutions in Canada.

Sun Life said the acquisition has significantly strengthened the company’s presence in Hong Kong by boosting its sales force to approximately 1,700 agents, tripling its customer base to 350,000, and expanding its operations to include new group insurance and pension businesses.

It added that Sun Life Financial Hong Kong has now been firmly established as one of the top 10 insurance providers in the market.

“This strategic acquisition significantly strengthens the position of Sun Life Financial in Hong Kong and provides a platform for increased growth throughout Asia,” said Donald Stewart, CEO, Sun Life Financial, in a release. “Asia represents a long-term engine of growth for Sun Life Financial, and this acquisition reflects our continued focus on building a sustainable presence in our key markets internationally.”

The $560 million deal was financed with existing cash resources and will be accretive to earnings per share and return on equity.