Chinese Online Class - Bank of Beijing agrees stake sale

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Bank of Beijing agrees stake sale

www.chinanews.cn 2005-03-26 17:02:01

(Source:CRIENGLISH.com)

Mar. 26 - ING Group, the biggest Dutch financial-services company, has
signed an agreement to purchase a 19.9 per cent stake of the Bank of
Beijing for about 1.8 billion yuan, or 215 million US dollars.
The International Finance Corporation is also seeking approval to take a
five per cent stake in the Beijing-based lender.
The two moves will take the total foreign shareholding to 24.9 per cent,
which temporarily excludes the possibility of other foreign investment in
the bank, as China sets an upper limit of 25 per cent for all foreign
shareholdings.
Chairman of Asia-Pacific and Member of the Executive Board for ING Group,
Alexander Rinnooy Kan, says the investment is a major milestone in ING's
business expansion in the commercial banking sector in China.
It will provide its own financial expertise, especially that of corporate
governance and risk management to the Chinese partner.
ING believes in the development potential of Bank of Beijing and hopes to
help it become a "world-class bank".

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8610-68327649

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