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.
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