Bank Islam Brunei Darussalam Bhd. decided to conduct its planned US$500 million IPO in Malaysia, Bloomberg News reported, citing "people familiar with the matter."

If an IPO materializes, the bank would become the first Brunei-based company to list its shares. The oil-rich country does not have its own stock exchange.

The bank could pick advisers as soon as June, with listing of its shares expected to happen in 2017.

A media relations representative for the bank did not immediately respond to Bloomberg's emails.