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