According to informed sources, several major Asian banks are preparing to bid for the retail business assets of HSBC Holdings PLC in Indonesia, aiming to expand their presence in Southeast Asia's largest economy.

The sources indicated that the interested banks include Singapore's DBS Group, Oversea-Chinese Banking Corp., and United Overseas Bank, as well as Malaysia's CIMB Group Holdings Bhd. and Japan's Sumitomo Mitsui Financial Group. The individuals requested anonymity as the discussions are private.

The sources revealed that HSBC is consulting with advisors regarding a potential sale of its Indonesian retail banking operations. The transaction could value the assets at over $200 million.

Considerations are still ongoing, according to the sources, with binding bids expected to be submitted by mid-March.

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

Representatives for DBS, UOB, OCBC, CIMB, and Sumitomo Mitsui Financial Group all declined to comment. An HSBC spokesperson declined to provide further comment on the ongoing strategic review in Indonesia.