Dutch bancassurer ING is expecting final bids for its Asian and Swiss private banking assets within the latter part of the next week, sources familiar with the sale said on Wednesday.
The sources also indicated the list of bidders has also narrowed slightly from the first round of bidding.
An ING spokesman declined to comment.
Sources close to the sale process have told Reuters ING aims to strike a sale deal in September. Other sources have pegged the price target around $1 billion and identified Julius Baer as a strong contender.
A person familiar with the process said Wednesday the list of bidders, which had been around six as of early August, has narrowed somewhat since then. However, multiple bids are still expected for the units.
ING said in April it aimed to sell up to 8 billion euros of assets around the world as part of its restructuring program. It received 10 billion euros in state aid last year and is now narrowing its focus on core businesses.
(Reporting by Ben Berkowitz in Amsterdam and Saeed Azhar in Sydney)