October 25, 2008

Bank of Beijing, which is 16% owned by Dutch financial services group ING, is in preliminary negotiations with the Beijing Capital Group to acquire its 50% stake in ING Capital Life Insurance.ING Capital Life Insurance, which is based in Dalian, China, is an equal stake joint venture between the Beijing Capital Group and ING Groep.According to reports, Bank of Beijing said that as part of its development strategy, it will enter the insurance business under government rules at an appropriate time. It is engaged in talks about purchasing the Beijing Capital Group's stake in ING Capital Life Insurance.