It is understood that the successful network will produce work across a range of media including television, press and print.
Ogilvy & Mather won the $10 million global account for ING Barings with MindShare in March 2000. However, O&M has had no involvement with the company for more than 18 months.
It is not clear if the international media account will also be up for pitch.
ING, the financial services group, purchased Barings, the oldest British merchant bank, in 1995 after the trader Nick Leeson ran up liabilities of £860 million. It then injected £660 million to allow the bank to keep trading.
ING has been embarking on a rebranding programme over the past year as it integrates and streamlines its brand interests, including ING Barings, into one organisation. They include insurance, asset management and financial services.
No-one at ING Barings in The Netherlands was available to comment on the story as Campaign went to press.