HSBC Has Submitted Bid For ING Private Banking Assets-Source
04 September 2009 - 9:35PM
Dow Jones News
HSBC Holdings PLC (HBC) has submitted a bid for ING Groep NV's
(ING) private banking assets, a person familiar with the situation
said Friday.
ING has put up both its Asian and Swiss private banking assets
for sale and potential buyers can choose to bid for either one or
both assets. The person declined to say how much the U.K. lender
has bid for the assets or whether it was bidding for one or both of
the assets.
Proceeds from the sale, which people familiar with the matter
have said they expect to be around US$2 billion, will help ING pay
down EUR10 billion in bailout funds it received from the Dutch
government in October.
The people familiar with the situation said Thursday that DBS
Group Holdings Ltd. (D05.SG), Swiss wealth manager Julius Baer
Holding AG (BAER.VX), and three other potential buyers have
submitted binding bids for the assets.
-By Amy Or, Dow Jones Newswires; 852-2832 2335;
amy.or@dowjones.com