ING to participate in Bank of Beijing share offering

ING intends to participate in the private placement by Bank of Beijing which today filed its intention to issue approximately 2.4 billion ordinary shares to raise up to approximately RMB 24 billion (approximately EUR 3.2 billion at current exchange rates) with the Chinese Securities and Regulatory Commission.  ING's planned subscription will not exceed 221 million shares (around 9.2% of the total placement) or the equivalent of EUR 300 million (approximately RMB 2.2 billion at current exchange rates). After the offering, ING expects to maintain its position as the largest shareholder in Bank of Beijing with a stake of approximately 13.0%, down from the current 13.6%.  

The shares are expected to be priced at a 10% discount to the market price at the time of completion of the private placement, which is expected in the fourth quarter of 2017, subject to regulatory approvals for Bank of Beijing. ING's participation in the private placement is not expected to 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 the companies have been working closely together in areas such as retail banking, risk management, human resources and corporate governance. More recently, we have also actively been exploring 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 has approximately EUR 285 billion in assets as per end of 2016 and is listed on the stock exchange of Shanghai.

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