BOC Hong Kong Holdings, a unit of Bank of China, is planning to offload its subsidiary Nanyang Commercial Bank (NCB) for HK$68bn ($8.8bn).

BOC Hong Kong in a statement said that it will sell 100% of its stake in NCB, and accept bids till 25 August 2015.

Shortlisted bidders may include China Life Insurance, New China Life Insurance, Yue Xiu Group, and bad loan manager China Cinda Asset Management.

Earlier this year, BOC Hong Kong unveiled plans to sell Nanyang Commercial as part of a review of its portfolio which would also include the acquisition of some Southeast Asian assets from its parent Bank of China.