ING reportedly set to win auction for HSBC's Turkish business

Dutch lender ING Group is reportedly set to win the auction to buy HSBC’s Turkish business.

Reuters cited four people close to the matter as saying that the bank had narrowed down the field to one suitor, with two sources saying that it was ING, although a deal is yet to be finalised.

ING, which already has a presence in Turkey, was one of three banks to submit a non-binding bid in May, sources had previously told Reuters, along with Bahrain's Arab Banking Corp and France's BNP Paribas.

HSBC announced in June that it would sell its businesses in Brazil and Turkey as it looks to cut costs and restructure.