HSBC Holdings PLC has bid on ING Group NV's private banking assets, a person familiar with the situation said.

ING has put up for sale both its Asian and Swiss private banking assets. The person declined to say how much the U.K. lender has bid or whether it was bidding for one or both assets.

Proceeds from the sale, which people familiar with the matter have said they expect to be around $2 billion, would help ING pay down bailout funds it received from the Dutch government in October.

People familiar with the situation said Thursday that DBS Group Holdings Ltd., the Swiss wealth manager Julius Baer Holding AG, and three other potential buyers have submitted binding bids.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.