April 25, 2017 / 2:06 PM / 4 months ago

BRIEF-ING to participate in Bank of Beijing share offering

April 25 (Reuters) - ING Groep NV:

* To participate in Bank of Beijing share offering

* After offering, ING expects to maintain its position as largest shareholder in bank of beijing with a stake of approximately 13.0 pct, down from current 13.6 pct

* Shares are expected to be priced at a 10 pct discount to market price at time of completion of private placement, which is expected in Q4 of 2017

* To participate in private placement by Bank of Beijing which intends to issue approximately 2.4 billion ordinary shares to raise up to approximately RMB 24 billion ($3.49 billion)

* ING's planned subscription will not exceed 221 million shares (around 9.2 pct of total placement) or equivalent of eur million euros Source text for Eikon: Further company coverage: ($1 = 6.8838 Chinese yuan renminbi) (Gdynia Newsroom)

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