ING Wants $1.8B for Bank Assets: Report

AMSTERDAM (TheStreet) - Dutch financial-services firm ING(ING Quote) is asking for final bids by next week for its private banking operations and is seeking about $1.8 billion, Bloomberg reports, citing people familiar with the matter.

ING has selected companies to enter final bidding as early as next Tuesday, according to one of the people. The firm expects its Asian private banking operations to contribute about 70% of the proceeds, the person said, Bloomberg reports.

ING has agreed to sell several non-core or subscale businesses in an effort to streamline its operations and pay down a loan of 10 billion euros it received from the Dutch government last year to help it weather the financial crisis.

Dow Jones Newswires reports ING has chosen at least six financial institutions to enter the second round of bidding for its Swiss and Asian private banking assets.

Some of the bidders to make it to the second round include Credit Suisse (CS Quote), Standard Chartered and Julius Baer Holding, Dow Jones Newswires reports.

Earlier this month, ING reported second-quarter earnings fell 96% as a "weaker economic environment" continued to strain its results.

-- Reported by Joseph Woelfel in New York.

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