ING takes stake in Chinese bank
(29 March 2005 – China) ING has become the latest foreign financial services organisation to position itself for the opening up of China’s banking markets, taking a 19.9 percent stake in Bank of Beijing.
ING will pay US$215 million for the stake. Individual foreign banks are only allowed to take a 20 percent stake in local banks but Chinese banks can have 25 percent foreign investment in total. International Finance Corporation has bought the remaining five percent share.
ING said it aims to transform Bank of Beijing into a world class bank and will assist with corporate governance and risk management advice.
The bank said the purchase was a major milestone in ING’s expansion into China’s commercial banking sector.
Bank of Beijing has 117 branches in China and had total assets of US$25.2 billion at the end of 2004.
ING said it aims to transform Bank of Beijing into a world class bank and will assist with corporate governance and risk management advice.
The bank said the purchase was a major milestone in ING’s expansion into China’s commercial banking sector.
Bank of Beijing has 117 branches in China and had total assets of US$25.2 billion at the end of 2004.
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