BANK OF BEIJING TAKES FOUR BOARD POSITIONS IN ING LIFE INSURANCE

Four senior managers from the Bank of Beijing (BoB) (SSE:601169) have been appointed board directors of the ING Life Insurance, taking half of the board director positions of ING Life Insurance, according to a recent announcement by the China Insurance Regulatory Commission.

The BoB acquired 50 per cent of the equity of ING Life insurance from the Capital Group in this February.

ING Life Insurance was jointly founded by the Capital Group and ING Insurance in 2002, each taking a 50 per cent share in the joint venture.

ING Insurance is a subsidiary of the ING Group, which is also the largest shareholder of the BoB. The ING Group has 16.07 per cent of the equity of the BoB.