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24 September 2009 - The Wall Street Journal

HSBC heads bids for ING's Asia Units

Swiss wealth manager Julius Baer Holding AG is no longer seeking to buy ING Groep NV's private banking assets in Asia, although it is still in the running for the European assets, a person familiar with the situation said Thursday.

"They are no longer pursuing the Asian assets," the person told Dow Jones Newswires.

Dutch ING Groep has put up both its Asian and Swiss private banking assets for sale either to be bought together or separately. Offers for both are estimated at around $2 billion. Bids were due earlier this month.

People familiar with the situation have said that ING had received up to five bids for some or all of the private banking assets.

HSBC Holdings PLC, which is among the bidders, is now believed to be the frontrunner for the Asian assets, another person said.

ING is likely to decide on the winning bidders next month, the person added.

Write to Patricia Kowsmann at patricia.kowsmann@dowjones.com

Tags: HSBC , ING Groep , Julius Baer

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