UPDATE 1-OCBC completes $1.5 bln ING private bank deal

* Renamed as Bank of Singapore

* Former ING banker Guzman to lead the private bank

* Deal was announced in Oct

(adds detail on assets)

SINGAPORE, Jan 29 (Reuters) - OCBC (OCBC.SI), Singapore's second-biggest lender, said on Friday it has completed a deal to buy Dutch-based ING Group's (ING.AS) Asian private banking unit.

The new unit will be called Bank of Singapore Ltd and will be led by Renato de Guzman, the former head of ING Asia Private Bank, it said in a statement.

Oversea-Chinese Banking Corp agreed to buy the ING unit for $1.5 billion in October last year in the biggest deal in the private banking industry since the financial crisis.[ID:nSIN503877]

OCBC beat HSBC (HSBA.L) (0005.HK) in the bidding and the deal helped more than triple its private banking assets to $23 billion.

Guzman said in a statement the private bank plans to grow and capture greater market share in its existing and new markets.

Shares of OCBC were down almost 1 percent at the end of the first trading session, underperforming the benchmark Singapore market .FTSTI which was down 0.6 percent.

(Reporting by Saeed Azhar; Editing by Kevin Lim)