ING expanded into retail banking through its acquisition of a 16.07% stake in the Bank of Beijing, China’s second largest city commercial bank in terms of assets and the third largest bank in Beijing in terms of deposits. This investment also provides ING with a platform to sell life insurance and investment products to an increasingly affluent customer-base in the 132 branches in
Beijing, 2 branches in Tianjin, 1 in Xian and 1 in Shanghai. A proposal for a branch licence for
Shenzhen is currently being sought from the China Banking Regulatory Commission.
ING-BoB Life Insurance Company Limited (formerly ING Capital Life) was founded at the end of 2002 in Dalian, jointly by ING Insurance and Beijing Capital Group, a large state-owned investment enterprise owned by the Beijing Municipal Government. The company held RMB 900 million in registered capital. It is the first joint venture life insurance company opened in Northeast China since China joined the World Trade Organization (WTO). Bank of Beijing replaced Beijing Capital Group to become the local shareholder in June 2010. ING Group and Bank of Beijing each hold 50% equity stakes in the joint venture and the company has been renamed ING-BoB Life Insurance Company Limited. ING-BoB has six branches including Beijing Branch, Liaoning Branch, Shandong Branch, Henan Branch and Anhui Branch, and Dalian Branch. ING-BoB one of the leading joint-venture life insurance companies in the Bohai Sea Economic Circle, and aiming to expand into mid China. Going forward, ING-BoB will proactively pursue the highest ethical standards of the industry, fulfill clients’ multiple needs for insurance and financial planning, provide easier insurance services, and strive to become the most competitive and outstanding insurance company in China.
ING’s Commercial Banking activities in China are managed from Shanghai, where ING has a fully operational branch, with a representative office in Beijing. ING is active in lending, financial markets and corporate finance in China, providing renminbi and foreign currency debt financing and M&A advisory services to both local and international companies and institutions, as well as private banking services operating out of Hong Kong. In 2003, ING was one of the first foreign financial services companies to be granted Qualified Foreign Institutional Investor status, enabling ING to offer its clients access to China’s A-share market and renminbi-denominated treasuries. In 2004, ING was also one of the first foreign banks to be granted a derivatives license. In March 2005, ING was one of the first foreign banks to be awarded market maker status for onshore FX trading of foreign currency pairs. ING aims to be the provider of choice for foreign and local investors, who are keen to expand their businesses in one of the world’s most exciting markets.
ING’s investment management businesses are also among the first to have established a presence in China through ING Investment Management operating via its joint venture, China Merchants Fund Management (CMFM), and ING Real Estate. CMFM has raised to date around RMB15.46 billion [€1.6 billion] in assets under management and was the first Sino-foreign joint venture to be awarded a mandate from the National Council for Social Security Fund, and has subsequently been awarded a second mandate, The company is among the first to be granted a licence to manage corporate annuity pensions.
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