Commonwealth Bank of Australia (ASX:CBA) completed the sale of its remaining 5.45% stake in Bank of Hangzhou to New China Life Insurance, according to a Monday filing with the Australian bourse.

The deal is expected to boost the bank's common equity tier 1 capital ratio by about 17 basis points on an Australian Prudential Regulation Authority basis, the filing said.

In January, the bank said that it expects gross proceeds of about AU$940 million from the sale.