HSBC, Bank of China and Malayan Bank (Maybank) have been short-listed to buy Temasek’s 42 per cent stake in Bank Internasional Indonesia (BII), valued at about $850m, sources with knowledge of the deal said on Wednesday.

It is unclear whether this is the final shortlist for BII, or when the sale will be finalised, but it is thought likely to be completed by the end of next month.