HSBC mulls IPO of Indonesia business

HSBC Holdings is considering an initial public offering (IPO) of its business in Indonesia. The plan would meet a promise by Indonesia's Financial Services Authority to eventually have HSBC re-list the Indonesian business after it moved in 2015 to fully integrate the lender once known as PT Bank Ekonomi Raharja. HSBC initially bought 88.9% of PT Bank Ekonomi Raharja for USD607.5m in 2008, a move that almost doubled its branch network across Indonesia. HSBC's Indonesian business, which has more than 3,000 employees, booked a profit before tax of about USD129m in 2021. Asia contributed about 65% of the group's reported profits. HSBC offers commercial banking, investment banking, wealth, and personal banking. HSBC operates across 64 countries and regions including China, Singapore, India, and Malaysia.