Interest in ING’s Swiss and Asian units melts

Interest in ING’s Swiss and Asian banking units may be ‘losing momentum’ with several potential bidders dropping out as the deadline for offers nears, news agency Reuters said on Wednesday.

Final bids for the assets are due on Thursday but only two bidders out of the original six or so are still in the running, sources close to the deal told Reuters. The sale is expected to raise around $1bn.
Switzerland’s Julius Baer may bid for both units, while Singapore’s DBS Group is interested in the Asian unit, sources told Reuters.
Baer declined to comment while DBS said its priority is ‘to pursue organic growth opportunities which extend our Asia banking franchise,’ a spokeswoman told Reuters.

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