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.