HSBC’s planned sale of retail banking assets in Indonesia has attracted several regional lenders, with OCBC now emerging as the lead contender, Bloomberg reported, citing people familiar with the matter.
The Singapore bank is seeking a deal that could value HSBC’s consumer business in the country at more than 6 trillion rupiah.
The potential acquisition would strengthen OCBC’s position in Indonesia, Southeast Asia’s largest economy, where regional banks have been looking for room to expand.
Bloomberg previously reported that DBS, UOB, CIMB and Sumitomo Mitsui Financial Group were also exploring bids for the assets, underscoring the level of interest in HSBC’s Indonesia business.
The deal would add to OCBC’s push to build scale in key Asian markets as HSBC reviews selected retail operations in its portfolio.
Featured image: Edited by Fintech News Singapore, based on image by HSBC