BoB takes over ING Life Insurance

BEIJING, Jul 21, 2010 (Xinhua via COMTEX) -- Four senior managers from the Bank of Beijing (BoB) 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 percent 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 percent 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 percent of the equity of the BoB. (Edited by Li Xiaohui, [email protected])