The Commonwealth Bank has sold the insurance assets of St Andrews Insurance to the Bank of Queensland for an undisclosed sum.

It’s the second acquisition announcement by the bank in a week. It announced last week that due diligence for the purchase of CIT Group Australia and NZ was “significantly progressed”.

St Andrews’ investment assets, superannuation, retirement income and financial planning business will remain at the Commonwealth Bank, eventually being absorbed into the bank’s wealth management arm.

The bank planned to merge St Andrews’ credit and protection insurance and life insurance assets into CommInsure, but decided integration costs did not justify it.

“St Andrews Insurance largely replicates an existing insurance capacity within CommInsure, and the sale avoids the complexities of integrating the two insurance businesses,” Commonwealth Bank Group Executive for Wealth Management Grahame Petersen said.

The transaction is expected to be complete by July.