At Least 6 Bidders In ING Private Banking Assets Sale-Sources
August 26 2009 - 12:02AM
Dow Jones News
Dutch banking and insurance company ING Groep NV (ING) has
picked at least six financial institutions to enter the second
round of bidding for its Swiss and Asian private banking assets,
people familiar with the situation said Wednesday.
Market watchers expect the two offshore private banking entities
owned by ING to fetch between US$1.8 billion and US$2 billion,
which will help ING pay down a EUR10 billion ($14.2 billion)
lifeline it received from the Dutch government in October last
year.
Among the bidders to make it to the second round, according to
two people, are Zurich-based Credit Suisse Group (CS), Singapore's
DBS Group Holdings Ltd. (D05.SG), Swiss wealth manager Julius Baer
Holding AG (BAER.VX) and emerging market-focused U.K. bank Standard
Chartered PLC (STAN.LN). Australia's Commonwealth Bank of Australia
(CBA.AU) is also bidding for the ING assets, a third person
said.
They have until Sept. 3 to submit their final bids, two people
said.
-By Amy Or, Dow Jones Newswires; 852-2832 2335;
amy.or@dowjones.com