ING Subscribes for 265 Million Shares in Bank of Beijing
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.
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.
Write to Maryam Cockar at firstname.lastname@example.org
(END) Dow Jones Newswires
December 29, 2017 08:06 ET (13:06 GMT)