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February 6, 2010

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Home » Business » Finance

Bank gets approval for stake purchase

THE Bank of Beijing, a city commercial bank, has received approval to buy a 50 percent stake in ING Capital Life Insurance Co, becoming the first bank of its kind to enter the Chinese insurance industry.

In a statement to the Shanghai Stock Exchange yesterday, the Bank of Beijing said the purchase will cost 681.8 million yuan (US$99.97 million), or 1.515 yuan per share.

The shares to be acquired by the bank are currently held by Beijing Capital Group Ltd.

The purchase has been approved by the China Banking Regulatory Commission and China Insurance Regulatory Commission.

However, there are still administrative licensing examination and approval procedures to be concluded by the CIRC, the statement said.

Before the deal, ING Capital Life Insurance, headquartered in Dalian, Liaoning Province, was jointly held by ING Insurance International BV and Beijing Capital.

The Bank of Beijing said the deal will strengthen its bank-insurance business, elevate its competitiveness and promote strategic cooperation with ING.

As a strategic investor, ING acquired a 19.9 percent stake of the Bank of Beijing for 1.78 billion yuan in 2005.


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