(Reuters) – HSBC Holdings PLC is considering an initial public offering of its Indonesian business, as the bank aims to target the growing investment demand in the country, Bloomberg news reported on Thursday, citing people familiar with the matter.
The London-based bank is yet to file a formal IPO application in Jakarta but the talks for a share sale are at an advanced stage, according to the .
Indonesia’s Financial Services Authority declined to comment on the report, while HSBC did not immediately respond to Reuters’ request for a comment.
The IPO news comes a month after HSBC’s largest shareholder, Chinese insurance giant Ping An, called for a spin off of the bank’s Asian operations in a move to boost returns.
(Reporting by Ann Maria Shibu and Shubhendu Deshmukh in Bengaluru)