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Bank of Beijing to set up JV with ING Bank

March 22, 2019


Abstract : Bank of Beijing, a commercial bank in the Chinese capital, said it plans to join hands with ING Bank N.V. to invest 3 billion yuan (447 million U.S. dollars) in setting up a banking joint venture.

BEIJING, March 22 (Xinhua) -- Bank of Beijing, a commercial bank in the Chinese capital, said it plans to join hands with ING Bank N.V. to invest 3 billion yuan (447 million U.S. dollars) in setting up a banking joint venture.

In a filing to the Shanghai Stock Exchange, Bank of Beijing said it would own a 49 percent stake while ING Bank would hold 51 percent.

The joint venture is subject to the approval of the China Banking and Insurance Regulatory Commission.

The joint venture will gain experience from ING Bank's direct banking service and take advantage of financial technology to build itself into a new digital banking brand, it said.

Bank of Beijing said it would strive to make the joint venture a model in implementing China's major opening-up policies for the financial sector.

ING Bank is a subsidiary of ING Group, a global financial institution of Dutch origin. It is a strategic investor and also the largest single investor of Bank of Beijing.

In another stock exchange filing, Bank of Beijing said it planned to issue no more than 400 million preference shares to raise no more than 40 billion yuan to shore up capital for more sustainable and healthy business growth.


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