ING Close To Selling Asian Private Banking Assets To OCBC-Source

ING Groep NV (ING) is close to agreeing the sale of its Asian private banking assets to Oversea-Chinese Banking Corp. (O39.SG) for US$1.5 billion, and could announce the deal as soon as today, a person familiar with the situation said Thursday.

OCBC suspended its shares from trading on the Singapore stock exchange at 0145 GMT. It said Tuesday it was in talks to acquire the assets as part of its strategy to expand in the region.

DBS Group Holdings Ltd. and HSBC Holdings PLC have also put in bids buy the ING assets.

ING is targeting EUR6 billion-EUR8 billion in asset sales to help pay down a EUR10 billion lifeline it received from the Dutch government last October to underpin its core capital.

Last week, Swiss wealth manager Julius Baer Holding AG said it would buy ING's Swiss private banking assets for US$505 million. Last month, ING sold a 51% stake in its Australia and New Zealand wealth management and life insurance joint venture to its partner, Australia & New Zealand Banking Group Ltd., for EUR1.1 billion.

-By Amy Or, Dow Jones Newswires; 852-2832 2335; [e-mail]