ING completes participation in Bank of Beijing share offering
December 29 2017 - 6:17AM
As announced on 25 April 2017, ING has participated in the
private placement by Bank of Beijing (BoB) which has closed today.
BoB has issued 2.9 billion ordinary shares with a value of
approximately RMB 21.7 billion (approximately EUR 2.8 billion at
current exchange rates). The placement was done at RMB 7.13 per
share. ING participated in the offering for an aggregate amount of
RMB 1.89 billion (around EUR 240 million) representing 265 million
shares.
ING maintains its position as the largest shareholder in BoB
with a stake of 13.0%, down from 13.6%. Bank of Beijing's Tier 1
capital ratio has improved to 10.2% from 8.5%.
ING's participation in the private placement does not 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 we have been working
closely together in areas such as retail banking, risk management,
human resources and corporate governance. More recently, we have
also started to actively explore 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 is listed on the
stock exchange of Shanghai.
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