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Bank of Beijing set to acquire insurance stake
February 9, 2010
Bank of Beijing Co Ltd announced late last week that it has received approval from the China Banking Regulatory Commission and the China Insurance Regulatory Commission to buy a 50% stake in ING Capital Life Insurance Co Ltd from Beijing Capital Group.
The lender said in a statement it will spend RMB 682 million to acquire the stake at RMB 1.515 apiece.
Bank of Beijing, which is 16.07%, held by ING Group, said that the takeover will help expand its insurance business.
Original Posting At: ChinaKnowledge
The lender said in a statement it will spend RMB 682 million to acquire the stake at RMB 1.515 apiece.
Bank of Beijing, which is 16.07%, held by ING Group, said that the takeover will help expand its insurance business.
Original Posting At: ChinaKnowledge
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