Asia’s biggest banks line up bids for HSBC assets in Indonesia

Published Thu, Feb 26, 2026 · 12:27 PM

[HONG KONG] Some of Asia’s biggest banks are working on bids for HSBC Holdings’ retail assets in Indonesia, according to sources familiar with the matter, helping them to forge ahead in South-east Asia’s largest economy.

The banks include Singapore-based DBS, OCBC and UOB, as well as Malaysia’s CIMB Group Holdings and Japan’s Sumitomo Mitsui Financial Group (SMFG), the sources said, asking not to be identified because the deliberations are private.

HSBC has been working with advisers on a potential sale of its consumer business in Indonesia, the sources said. A transaction may value the assets at more than US$200 million, the sources said.

Considerations are ongoing, with binding bids due mid-March, the sources said.

HSBC has said that it’s carrying out targeted strategic reviews of its retail businesses across Australia, Indonesia and Egypt, but no decisions have been made. HSBC Life Singapore is also being reviewed.

Since taking the reins in 2024, HSBC chief executive officer Georges Elhedery has undertaken a major overhaul, cutting management layers and thousands of jobs. The bank has reorganised into four new divisions and exited some businesses once considered key.

Representatives for DBS, UOB, OCBC and SMFG declined to comment. CIMB did not immediately respond to a request seeking comment. A spokesperson for HSBC declined to comment further on the ongoing strategic review for Indonesia.

Fast-growing markets, such as Indonesia, where economic growth hit a three-year high last quarter, are attracting banks looking to expand, especially with the likes of HSBC and Citigroup selling some non-core assets. ANZ Group Holdings has also considered selling its stake in Bank Pan Indonesia.

HSBC opened its first branch in Indonesia in 1884. A couple of decades ago, it acquired Bank Ekonomi Raharja, rebranding it as Bank HSBC Indonesia in 2016. HSBC Indonesia has about 2,300 employees and 28 branches serving corporate and institutional clients, and retail customers.

HSBC previously examined a potential initial public offering of the Indonesian business, sources familiar with the matter said in 2022. BLOOMBERG