Sources familiar with the development were quoted by Bloomberg as saying that the Indonesian bank has chosen BNP Paribas Cardif, Hong Kong billionaire Richard Li’s FWD Group and South Korea’s Hanwha Life Insurance Co to make bids.

Binding bids are reportedly due by the end of this month, while a winner could be selected in September.

Earlier in June, Reuters reported that BRI invited about six companies including BNP Paribas Cardif and Tokio Marine Holdings, to bid for a 40% stake in its insurance unit