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HSBC weighs IPO of Indonesia business

CNA – 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 yesterday, 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.

Indonesia’s Financial Services Authority declined to comment on the report, while HSBC did not immediately respond to the media’s 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.