The Wall Street Journal, 12 Oct 2009
SINGAPORE -- Oversea-Chinese Banking Corp. is competing with Singaporean rival DBS Group Holdings Ltd. and HSBC Holdings PLC to acquire the Asian private-banking assets of ING Groep NV, and analysts say a possible deal offers good growth prospects for either of the two Singapore banks.
A person familiar with the situation said Friday that OCBC has submitted a bid for the ING assets. The person didn't say how much OCBC had bid.
Another person familiar with the situation said earlier that ING expects to raise $1.5 billion from the sale of the assets and that a deal should be finalized "within the next few weeks."
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