At Least 6 Bidders In ING Private Banking Assets Sale-Sources

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; [e-mail]