DBS Group Holdings Ltd. and Julius Baer Holding AG are among potential buyers of ING Group NV's private banking operations, three people familiar with the matter said.
ING, the biggest Dutch financial services company, is seeking at least $1.8 billion for the assets, two of the people said, speaking on condition of anonymity. DBS and Julius Baer are among companies picked by ING to enter final bidding for its Asian and Swiss private banking units as early as next week, they said.
ING, which got a $14.3 billion lifeline from the Netherlands in October, is seeking to raise as much as $11.4 billion by selling assets to boost capital. Its Asian wealth management unit may draw bids of about $1 billion.
DBS of Singapore, Southeast Asia's largest bank, is seeking to buy ING's Asian private banking operations, the people said. Julius Baer of Zurich, which is splitting off its wealth unit, may bid for both the Asian and Swiss businesses. Australia and New Zealand Banking Group Ltd. has also been approached, they said.