HSBC Bids for ING Assets: Report

AMSTERDAM (TheStreet) -- Last week, reports surfaced that ING(ING Quote) was taking bids for some private banking assets. And according to reports over the weekend, we can add another name to the list of bidders.

The Sunday Times reported that HSBC(HBC Quote) has placed an estimated 1 billion pound-plus offer for the assets. Other bidders include Swiss outfit Julius Baer and Singaporean operation DBS.

The report added that the next ten days will likely see a preferred bidder emerge from the process.

According to multiple reports, ING's private banking assets in Switzerland and Asia are on the for-sale block in an effort to pay off financial bailout money owed to the Dutch government. The Times added that ING is considering breaking apart its insurance operations from its banking business, too.

The Times said DBS is in the running for the Asian group, while Julius Baer is said to be interested in both pieces. It's unclear, however, whether HSBC is interested in just one or both organizations.

-- Written by Sung Moss in New York

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