HSBC bids $1.63 billion for ING’s private banking businesses

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

A Singaporean investment fund DBS and the Swiss wealth manager Julius Baer would also likely bid for the unit and that a preferred bidder would be named in the next 10 days, the report said.

Besides, The Sunday Times said that 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.

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