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Bank of Beijing to issue preference shares

Bank of Beijing Co. Ltd. aims to raise up to 40 billion yuan via a nonpublic issuance of preference shares.

The lender plans to issue up to 400 million preference shares, subject to shareholder and regulatory requirements, according to a March 22 release.

The bank has also said it is planning a joint venture with ING Bank NV.

As of March 21, US$1 was equivalent to 6.70 Chinese yuan.