ING Sells Asian Private Bank for $1.46B

Updated from 12:36 a.m. EDT

AMSTERDAM (TheStreet) -- Dutch financial company ING(ING Quote) said it has reached a deal to sell its Asian private banking assets to Singapore's Oversea-Chinese Banking for $1.46 billion.

The sale is part of ING's plan to sell several noncore businesses in an effort to streamline its operations and pay down a loan of 10 billion euros it received from the Dutch government last year.

Last week, ING agreed to sell its Swiss private-banking unit to Julius Baer for a little more than $500 million in cash.

OCBC beat out four rivals including HSBC Holdings(HBC Quote) and Singapore bank DBS Holdings, the Wall Street Journal reports, citing a person familiar with the situation.

-- Reported by Joseph Woelfel in New York .

Follow TheStreet.com on Twitter and become a fan on Facebook.