Singapore's Oversea-Chinese Banking Corp. (O39.SG) has submitted a bid for acquiring the Asian private banking assets of ING Groep NV (ING), a person familiar with the situation said Friday.

The person also confirmed a Straits Times report earlier Friday, which said OCBC is one of the contenders along with HSBC Holdings PLC (HBC) and DBS Group Holdings Ltd. (D05.SG).

The person, who declined to be named, didn't say how much OCBC has bid.

Another person familiar with the situation had earlier told Dow Jones Newswires that ING's private banking assets in Asia are expected to fetch $1.5 billion.

-By Costas Paris, Dow Jones Newswires; +65 64154 152; costas.paris @dowjones.com