ING receives bids for its Asia, Switzerland assets

The transaction aims to help ING pay its US$14.25 billion debt from the Dutch government.

Dow Jones reported that ING had received five bids for its Asian private banking assets and three for the Swiss operations, according to report in The Australian.

Bidders included DBS Group Holdings of Singapore, and Swiss wealth manager Julius Baer Holding.

Proceeds from the transaction will help ING pay down the $US14.25 billion in bailout funds it received from the Dutch Government last October.

At the end of June, ING's Asian private banking operations had around $US16 billion in assets under management, while its Swiss operations had around $US15 billion under management.

The private banking operations in Asia cover the Philippines, Thailand, Indonesia, China, Hong Kong and Taiwan.