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Updated from 12:36 a.m. EDT



) -- Dutch financial company


(ING) - Get ING Groep NV Report

said it has reached a deal to sell its Asian private banking assets to Singapore's

Oversea-Chinese Banking

for $1.46 billion.

The sale is part of ING's plan to sell several noncore 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.

Last week, ING agreed to sell its

Swiss private-banking unit


Julius Baer

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for a little more than $500 million in cash.

OCBC beat out four rivals including

HSBC Holdings


and Singapore bank

DBS Holdings

, the

Wall Street Journal

reports, citing a person familiar with the situation.

-- Reported by Joseph Woelfel in New York


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