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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 Capital Life is a 50:50 joint venture between ING Group and Beijing Capital Group. Headquartered out of Dalian, the company also has sales operations in 10 cities across the China, including Beijing, Dalian, Jinan, Shenyang and Zhengzhou, with city level branches in Anshan, Panjin, Yingkou, Zibo and Qingdao. ING Capital
Life is able to sell both individual and group insurance in China--products which it plans to sell out of its Anhui branch pending receipt of regulatory approval from the China Insurance Regulatory Commission.
Pacific Antai Life is ING's second life insurance joint venture on the Mainland and was establishd in 1998 with China Pacific. Headquartered out of Shanghai, the company also has operations in the cities of Dongguan, Guangzhou, Nanhai and Shunde and is again selling both individual and group insurance in China. The business aims to expand operations to the Chinese provinces to the South of the Yangtse River, and is currently awaiting regulatory approval to open a branch in Jiangsu Province from the China Insurance Regulatory Commission.
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 Real Estate established a representative office in Beijing in 1996 and a real estate investment management company in Shanghai in 2003. In 2004, ING Real Estate’s acquisition of Rodamco Asia, a property developer and manager, has also substantially served to increase its assets under management to the current level of
EUR 250 million. In China, it has interests in a number of residential properties with China investments
that now account for around 23% of its assets under management in Asia, and the Company aims to leverage this property portfolio and relationships with ING partners in China to create value and superior returns for investors.
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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