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ING Group: invests in Bank of Beijing

(CercleFinance.com) - ING Group announces that it has participated in the private placement by Bank of Beijing (BoB), thereby acquiring 265 million shares in this Chinese establishment for 1.
89 billion RMB (approximately 240 million euros).

In this way, the Dutch bank maintains its position as the largest shareholder of BoB with a stake of 13% in its capital, compared to 13.6% before the transaction. The transaction allows the BoB to improve its Tier-1 solvency ratio from 8.5% to 10.2%.

As a reminder, ING Group started a strategic alliance in 2005 with the BoB by acquiring a minority holding in the commercial bank, which has 500 branches in twelve major Chinese cities.

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