* Deal would value Zhaopin at A$2.2 billion
* SEEK says stake would drop to 23.5% from 61%
* Narev to take CEO role from co-founder Bassat
(Adds analyst comment, background, shares)
Feb 23 (Reuters) - Australia's SEEK Ltd SEK.AX is in talks to cut its stake in Chinese unit Zhaopin, the online jobs portal said on Tuesday and named operations head and ex-CBA boss Ian Narev as its chief executive.
The talks are at an advanced stage and would value Zhaopin at A$2.2 billion ($1.74 billion), SEEK said.
If the deal goes ahead, its holdings would be reduced to around 23.5% from 61% and none of the investors will have a controlling stake, the company said.
SEEK did not immediately respond to a Reuters request for details on the parties involved in the potential deal.
The company had last September confirmed talks about new investment in Zhaopin, more than three years after it led a consortium to take the then New York-listed company private. Jefferies said it was "disappointed" with the A$2.2 billion tag, which was 45% lower than its valuation.
Shares of the company fell 8.2% initially, but one hour into market open, they cut back some losses to trade down 2.7%. The broader market .AXJO was trading flat.
Meanwhile, the company said Chief Operations Officer Narev will replace co-founder Andrew Bassat, who will transition to the role of executive chairman and CEO of its investment arm from July 1.
Narev left Commonwealth Bank of Australia CBA.AX in 2018 after the country's biggest lender was embroiled https://www.reuters.com/article/australia-cba-idINKCN1AU11W in a major money-laundering scandal.
SEEK on Tuesday also upgraded its full-year revenue and core earnings forecast as nations recover from the pandemic. Revenue for the half year fell 6% and core earnings came in at A$245.9 million, marginally lower than a year ago.
($1 = 1.2636 Australian dollars)