ING Groep NV (INGA.AE) said Friday that it subscribed for 265 million shares worth about 1.89 billion Chinese yuan ($289 million) in a private placing by the Bank of Beijing Co. Ltd. (601169.SH).
The Dutch bank said following the private placing its stake in the Bank of Beijing is down to 13% from 13.6%, but it has maintained its position as the largest shareholder in the Chinese bank.
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In total the Bank of Beijing issued 2.9 billion shares worth about CNY21.70 billion during the private placement. Its tier 1 capital ratio--comparing a bank's equity capital to its total risk-weighted assets--improved after the placing to 10.2% from 8.5%.
ING also said its participation in the private placement won't have a material impact on its accounts, shareholder equity or capital ratio.
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(END) Dow Jones Newswires
December 29, 2017 08:06 ET (13:06 GMT)