SINGAPORE: Indonesia's PT Bank CIMB Niaga Tbk is exploring an initial public offering of its Islamic banking arm after the unit is made independent, with a potential listing as early as 2028, two people with knowledge of the matter said.

CIMB Niaga Syariah is slated to operate as a standalone business from May 2026, the people said. A potential IPO would likely come only after it builds a track record as a separate entity, including audited financials, one of them added.