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ING concludes participation in Bank of Beijing's share offering

ING Groep NV's stake in Bank of Beijing Co. Ltd. declined slightly after the Dutch lender subscribed to 265 million shares in a private placement by the Chinese lender.

ING invested 1.89 billion Chinese yuan in the offering, or around €240 million at current exchange rates. ING remains Bank of Beijing's top shareholder with a 13.0% stake, down from 13.6% previously.

In total, Bank of Beijing issued 2.9 billion ordinary shares for 7.13 yuan apiece, generating total proceeds of 21.7 billion yuan and raising its Tier 1 capital ratio to 10.2% from 8.5%.

As of Dec. 28, US$1 was equivalent to 6.53 Chinese yuan.