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Bank of Beijing, ING Bank to set up Chinese bank JV

Bank of Beijing Co. Ltd. and Netherlands-based ING Bank NV plan to set up a banking joint venture, subject to Chinese regulatory approval.

The ING Groep NV unit will hold a 51% stake in the venture, while the Chinese lender will hold a 49% interest.

The joint-stock bank will have registered capital of 3 billion yuan. The two shareholders plan to leverage financial technology to build a digital bank brand.

ING Groep is Bank of Beijing's largest shareholder, with a 13.03% stake, according to S&P Global Market Intelligence data.

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