The son of Asia’s wealthiest tycoon has lodged an indicative bid for part of ING’s $6bn Asian insurance operations, the Financial Times reports on Tuesday.

The paper says Li Ka-shing is a surprise entrant to the bidding for the south-eastern part of the business, which has been dominated by established companies wanting to expand their presence in the region.
ING has been ordered to sell its Asian interests by Brussels as a condition for being bailed out by the Dutch government during the financial crisis.