Nov 16 (Reuters) - Commonwealth Bank of Australia (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.

Australia's biggest lender will sell its stake in PTBC to PT Bank OCBC NISP 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) (Reporting by Aaditya Govind Rao in Bengaluru; Editing by Varun H K and Sherry Jacob-Phillips)