May 13 (Reuters) - 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.
Australia's largest bank and KKR also plan to undertake an investment programme. CBA said the deal would allow Colonial First State to become a more focused standalone business.
The deal is expected to be completed by the first half of calendar year 2021. ($1 = 1.5446 Australian dollars) (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Himani Sarkar)