ING to participate in Bank of Beijing share offering
April 25 2017 - 10:01AM
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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Press
enquiries |
|
Investor
enquiries |
Carolien van der Giessen |
|
ING Group Investor Relations |
+31 20 576 6836 |
|
+31 20 576 6396 |
Carolien.van.der.Giessen@ing.com |
|
Investor.Relations@ing.com |
ING
PROFILE
ING is a global financial institution with a strong European base,
offering banking services through its operating company ING Bank.
The purpose of ING Bank is empowering people to stay a step ahead
in life and in business. ING Bank's 52,000 employees offer retail
and wholesale banking services to customers in over 40
countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA AS,
INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING
US, ING.N).
Sustainability forms an integral part of ING's strategy, which is
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and World) where ING is among the leaders in the Banks
industry group.
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Elements of this press release contain or may contain information
about ING Groep N.V. and/ or ING Bank N.V. within the meaning of
Article 7(1) to (4) of EU Regulation No 596/
2014.
Projects may be subject to regulatory approvals. Insofar as they
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Certain of the statements contained herein are not historical
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