Banking News
- ING's Beijing bank stake worth US$3.22b
Date: 21-Sep-2007 Sources: (Shenzhen Daily)
DUTCH financial services group ING Groep NV said Thursday its 16 percent stake in Bank of Beijing was worth 2.3 billion euros (US$3.22 billion) and would create a profit of 2.1 billion euros if sold.
ING bought a 19.9 percent stake in Bank of Beijing in 2005 for 166 million euros, ING said in its 2006 annual report. The Beijing bank's initial public offering (IPO) reduced ING's stake to 16.07 percent, an ING spokesman said. 'Based on the closing price of 22.68 yuan Wednesday, our stake is now worth 2.3 billion euros,'the spokesman said.
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