ING Gets Bids for Private Bank Assets: Report
AMSTERDAM (
) --
ING
(ING) - Get Report
, 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) - Get Report
and
Standard Chartered
have been rumored to be
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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