ING Gets Bids for Private Bank Assets: Report

AMSTERDAM (TheStreet) -- ING(ING Quote), the Dutch financial company, has reportedly received up to five bids for its private banking assets.

The bids are for some or all of ING's private bank assets, Reuters reports, citing a source familiar with the process. Offers for the entire business are coming in close to $2 billion.

Two of the definite bidders are Swiss firm Julius Baer and Singapore's DBS, Reuters reports, citing multiple sources. The identities of the additional bidders wasn't clear. Credit Suisse (CS Quote) and Standard Chartered have been rumored to be bidding for ING's private banking operations.

Reuters reports a source familiar with the process saying bids had been submitted for ING's Asian private banking unit, but were still coming in as of Thursday for the Swiss operations.

ING has agreed to sell several non-core 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 through the financial crisis.

-- Reported by Joseph Woelfel in New York .

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