Bank of Beijing is in talks with ING Group over a possible acquisition of a stake in their joint venture, said Yan Bingzhu, chairman of the Beijing-based bank, at a results release conference today.
ING Group intends to sell its stake in ING-BOB Life Insurance Co., Ltd., according to the chairman. ING-BOB Life, set up in Dalian, Liaoning province, in 2002, has a registered capital of CNY 1.75 billion.
ING Group, which has a 50% ownership in ING-BOB Life, is the biggest shareholder of Bank of Beijing with a 13.64% stake.
Source:
http://www.sinocast.com/readbeatarticle.do?id=92772
