Brazilian lenders Itau Unibanco Holding, Banco Bradesco and Banco Santander Brasil, the Brazilian unit of Spanish lender Banco Santander, have reportedly submitted bids to purchase the Brazilian business of HSBC Holdings.

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The sale process, which is in an early stage, will welcome more bids in the next few weeks, reported The Wall Street Journal.

The final sale is expected to take place in August 2015, observed the report citing people familiar with the matter.

HSBC Holdings has revealed that is has been exploring various strategic options for its operations in Brazil, including a potential sale of the unit.

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