(Reuters) – HSBC Holdings NYSE: (PLC) is looking at an initial public offering for its Indonesian operations, in order to meet growing demand from investors, Bloomberg News reported Thursday, citing sources familiar with the matter.

Although the London-based bank has yet to submit a formal IPO request in Jakarta, the.

While the Indonesian Financial Services Authority did not comment on this report, HSBC declined to immediately respond to Reuters’ request.

The IPO announcement comes a month following the call by Ping An, China’s biggest shareholder in HSBC, for a spinoff of its Asian operations. This was to improve returns.