Rabobank is said to have put its Indonesian unit up for sale, in a deal that could fetch around $400 million, Reuters reported, citing unnamed sources. The move, if confirmed, adds to other sales by the bank, such its transfer of a majority stake in Switzerland's Sarasin to Brazil's Safra Bank.

The Dutch bank will continue to do business with some of its key Indonesian customers out of Singapore and Hong Kong, one of the sources said. The Indonesian unit of 90 branches, which includes retail banking, is no longer a strategic fit, the source added.

The bank declined to comment when contacted by WealthBriefingAsia. 

Morgan Stanley has been hired by Rabobank to find a buyer for the unit, according to the sources who had direct knowledge of the matter, as reported by Reuters. The process is expected to draw interest from banks in China and South Korea, and among local banks in Indonesia, the report said.

Late last year, Rabobank sold its entire 46.07 per cent equity stake in private Swiss bank Sarasin for $1.12 billion to global private banking group Safra, as reported by WealthBriefingAsia at the time.

“The sale of its stake in Bank Sarasin will allow Rabobank to concentrate on its strategic priorities and further strengthen its leading role as a universal financial services provider in the Netherlands, as well as pressing ahead with the growth of its international business with food and agribusiness customers,” Rabobank said in a statement last year.

The firm has also put its fund management business, Robeco, up for sale.