Money

Bank of Beijing, ING to boost capital in China JV

(Agencies)
Updated: 2011-04-11 13:31

HONG KONG/SHANGHAI - Bank of Beijing Co Ltd said on Monday that it has agreed with ING Insurance to lift capital investment in a Chinese joint venture by 600 million yuan ($91.81 million).

Related readings:  Investor sentiment plummets in HK and mainland: ING survey  Bank of Beijing approved to buy 50% stake of ING Capital Life Insurance  ING: City's investor sentiment continues to rise

The new capital would be injected over five years, with the first phase of 125 million yuan to be paid before the end of June, the bank said in a statement to the Shanghai stock exchange.

The city-focused lender also plans to raise up to 11.8 billion yuan through a share placement, it said in a separate statement, confirming what sources told Reuters last week.

Citic Securities Co Ltd and Taikang Life Insurance Co Ltd are among 10 investors that have committed to the placement.

Shanghai-listed shares of Bank of Beijing fell as much as 3.8 percent on Monday. The Shanghai Composite Index was down 0.5 percent.