(Updates with deal details, background on Indonesian unit)
Nov 16 (Reuters) - Commonwealth Bank of Australia (CBA) (CBA) said on Thursday it has agreed to sell a 99% stake in its Indonesian unit PT Bank Commonwealth (PTBC) to a local unit of Singapore's second-largest bank OCBC OCBC.SI .
Australia's biggest lender will sell its stake in PTBC to PT Bank OCBC NISP NISP.JK for about A$220 million ($142.19 million).
The decision came in more than eight months after PTBC was hit by a cyber attack involving unauthorized access of project management software.
CBA expects the sale to be broadly neutral to its common equity tier 1 ratio - a closely watched measure of spare cash - which stands at 11.8%, as at Sept. 30.
The sale is expected to close in the second or third quarter in 2024, subject to regulatory approvals.
($1 = 1.5473 Australian dollars)
News: CBA UPDATE 1-Commonwealth Bank of Australia to sell 99% stake in Indonesian unit to OCBC
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