ING invests in Chinese bank

I

ING takes a 51 percent of shares in a Chinese bank that sets it up together with Bank of Beijing. The Chinese bank will get the remaining 49 percent, according to a statement from the Shanghai Stock Exchange.

The bank is awaiting approval from the Chinese banking watchdog CBOC. The parties would jointly invest 3 billion yuan in the joint venture.

Apart from the further ING cooperation, Bank of Beijing announced that it wants to raise 40 billion yuan with the sale of preference shares. The bank wants to use the money to strengthen the capital reserves.


By: Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

Add comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

By Leah Kunze

Recent Posts

Categories

About us

EconomicInform, EconomicInform.com is a product of EconomicInform LLC. We sincerely believe that economics is one of the most interesting and most underappreciated – in terms of getting some enjoyment out of reading the subject articles – sciences. More on that - at the link. Feel free to drop us a line.