HSBC bids for ING's private banking unit: report

06 September 2009 @ 09:56 am EDT

British bank HSBC has made a bid of about 1 billion pounds ($1.63 billion) for Dutch financial group ING's private banking businesses, according to a report in The Sunday Times.


A branch of HSBC bank is seen in central London
A branch of HSBC bank is seen, in central London May 11, 2009.
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The report said DBS , a Singaporean investment fund, and Julius Baer , the Swiss wealth manager, would also likely bid for the unit and that a preferred bidder would be named in the next 10 days.

ING, which has put its private banking operations in Switzerland and Asia up for sale to pay down bailout funds it received from the Dutch government, is also considering plans to split its insurance arm from its banking business, said the report.

The Sunday Times said DBS was interested only in the Asian unit but that Julius Baer was keen on both assets.

Neither HSBS nor ING was immediately available for comment.

($1=.6123 Pound)

(Reporting by Rhys Jones; editing by Karen Foster)

Copyright 2009 Thomson Reuters. All rights reserved.

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