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.

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)