ING completes participation in Bank of Beijing share offering
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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