OCBC Is Said to Emerge as Lead Bidder for HSBC Indonesia Assets

Oversea-Chinese Banking Corp. has emerged as the preferred bidder to buy HSBC Holdings Plc’s retail assets in Indonesia, people familiar with the matter said, as the Singaporean lender seeks to boost its presence in Southeast Asia’s largest economy.

OCBC aims to reach an agreement that could value HSBC’s consumer business in the country at more than 6 trillion rupiah ($350 million), the people said, asking not to be identified because the deliberations are private.