Commonwealth Bank of Australia (CBA) is weighing options for its Indonesian banking operation, PT Bank Commonwealth, Bloomberg reported, citing sources.

The move would see CBA, which is among the top banks in Australia based on market value, exit a non-core market and raise cash.

Sources told the publication that CBA has roped in financial advisors to determine investor interest in PT Bank Commonwealth.

The disposal of Indonesian businesses could fetch several hundred million dollars and attract bids from banks looking to expand in the country, they added.

With IDR20 trillion ($1.29bn) in assets as of April 2021, CBA’s Indonesian unit caters to both retail customers and small and medium-sized businesses, according to its website.

The bank also offers services to affluent clients.

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CBA first opened a representative in Indonesia in 1992 and established a joint venture to provide corporate banking services to business entities five years later.

In 2007, the Australian bank acquired Bank Artha Niaga Kencana (ANK) as part of its expansion in the SME market.

Talks are at an initial stage and CBA could still decide against selling the business, the sources said.

In March this year, CBA signed a $1.31bn deal to dilute its shareholding in China’s Bank of Hangzhou (HZB).

The sale of a stake in HZB was part of CBA’s strategy to focus on core operations in Australia and New Zealand.

In 2018, CBA agreed to sell its life insurance arm to FWD Group Holdings, which is owned by billionaire Richard Li.