DBS, Julius Baer vie for ABN AMRO Asia wealth unit

Singapore

DBS Group Holdings and Julius Baer Gruppe are weighing bids for Dutch lender ABN AMRO Group's Asia private banking business that manages about US$20 billion in assets, several people with direct knowledge of the matter said.

ABN AMRO, which has hired Lazard Ltd to advise on the sale, could also receive preliminary bids from other wealth managers, the people said, adding that first-round bids are due in the next few weeks.