ING to participate in Bank of Beijing share offering
April 25 2017 - 9:02AM
ING intends to participate in the private placement by Bank of
Beijing which today filed its intention to issue approximately 2.4
billion ordinary shares to raise up to approximately RMB 24 billion
(approximately EUR 3.2 billion at current exchange rates) with the
Chinese Securities and Regulatory Commission. ING's planned
subscription will not exceed 221 million shares (around 9.2% of the
total placement) or the equivalent of EUR 300 million
(approximately RMB 2.2 billion at current exchange rates). After
the offering, ING expects to maintain its position as the largest
shareholder in Bank of Beijing with a stake of approximately 13.0%,
down from the current 13.6%.
The shares are expected to be priced at a 10% discount to the
market price at the time of completion of the private placement,
which is expected in the fourth quarter of 2017, subject to
regulatory approvals for Bank of Beijing. ING's participation in
the private placement is not expected to have a material impact on
ING's profit and loss account, shareholders' equity or capital
ratios.
We started our strategic alliance with Bank of Beijing in 2005
by acquiring a minority holding. Since then the companies have been
working closely together in areas such as retail banking, risk
management, human resources and corporate governance. More
recently, we have also actively been exploring the potential for a
further cooperation, in direct banking in China.
Bank of Beijing is the largest city commercial bank in China
with over 500 branches across 12 domestic major cities. It services
its 16 million customers through retail banking, corporate banking
and financial markets businesses. Bank of Beijing has approximately
EUR 285 billion in assets as per end of 2016 and is listed on the
stock exchange of Shanghai.
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Press
enquiries |
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Investor
enquiries |
Carolien van der
Giessen |
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ING Group Investor
Relations |
+31 20 576 6836 |
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+31 20 576 6396 |
Carolien.van.der.Giessen@ing.com |
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Investor.Relations@ing.com |
ING
PROFILE ING is a global financial institution with a
strong European base, offering banking services through its
operating company ING Bank. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business. ING Bank's
52,000 employees offer retail and wholesale banking services to
customers in over 40 countries. ING Group shares are listed on the
exchanges of Amsterdam (INGA AS, INGA.AS), Brussels and on the New
York Stock Exchange (ADRs: ING US, ING.N). Sustainability forms an
integral part of ING's strategy, which is evidenced by the number
one position among 395 banks ranked by Sustainalytics. ING Group
shares are being included in the FTSE4Good index and in the Dow
Jones Sustainability Index (Europe and World) where ING is
among the leaders in the Banks industry group.
IMPORTANT LEGAL
INFORMATION Elements of this press release contain or may
contain information about ING Groep N.V. and/ or ING Bank N.V.
within the meaning of Article 7(1) to (4) of EU
Regulation No 596/ 2014. Projects may be subject to regulatory
approvals. Insofar as they could have an impact in Belgium, all
projects described are proposed intentions of the bank. No formal
decisions will be taken until the information and consultation
phases with the Work Council have been properly finalised. Certain
of the statements contained herein are not historical facts,
including, without limitation, certain statements made of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to a number
of factors, including, without limitation: (1) changes in
general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial
markets, including developing markets, (3) potential
consequences of European Union countries leaving the European Union
or a break-up of the euro, (4) changes in the availability of,
and costs associated with, sources of liquidity such as interbank
funding, as well as conditions in the credit and capital markets
generally, including changes in borrower and counterparty
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(6) changes affecting currency exchange rates,
(7) changes in investor and customer behaviour,
(8) changes in general competitive factors, (9) changes
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(14) changes in credit ratings, (15) the outcome of
current and future legal and regulatory proceedings,
(16) ING's ability to achieve its strategy, including
projected operational synergies and cost-saving programmes and
(17) the other risks and uncertainties detailed in the most
recent annual report of ING Groep N.V. (including the Risk Factors
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including press releases, which are available on www.ING.com.
Many of those factors are beyond ING's control. Any forward looking
statements made by or on behalf of ING speak only as of the date
they are made, and ING assumes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information or for any other reason. This document does not
constitute an offer to sell, or a solicitation of an offer to
purchase, any securities in the United States or any other
jurisdiction. |
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