Commonwealth Bank of Australia sells 55% stake in unit to KKR for $1.1b

Commonwealth Bank of Australia sells 55% stake in unit to KKR for $1.1b

The logo of the Commonwealth Bank of Australia (CBA) is displayed outside a branch in Sydney, Australia, March 21, 2016. REUTERS/David Gray

Commonwealth Bank of Australia said on Wednesday it will sell a 55% stake in unit Colonial First State to private equity firm KKR for A$1.7 billion ($1.10 billion), in line with plans to focus on its core banking operations.