Asian banks ready to bid for HSBC’s Indonesian retail assets: Bloomberg

Several major Asian banks are reportedly preparing to bid for HSBC's (0005) Indonesian retail assets, according to Bloomberg, citing sources familiar with the matter.

The banks include Singapore's DBS Group, OCBC, UOB, as well as Malaysia's CIMB Group and Japan’s  Sumitomo Mitsui Banking Corporation, sources said. 

It was revealed that HSBC is in discussions with advisors regarding a potential sale of its Indonesian retail business. The deal could value the assets at over US$200 million (HK$1.56 billion).

It was indicated that considerations are ongoing, and a binding bid is expected to be submitted by mid-March.

HSBC has previously stated that it is conducting targeted strategic reviews of its retail operations in Australia, Indonesia, and Egypt, but has not yet made any decisions.

Reuters earlier reported, citing sources familiar with the matter, that HSBC has hired advisors to initiate the process of selling its Singapore life insurance product manufacturing business, hoping the deal will be valued at over US$1 billion (HK$7.8 billion).

HSBC has reportedly begun discussions with potential buyers, including Japanese insurers Nippon Life Insurance and Dai-ichi Life, with non-binding offers for the business expected within a month.