Chinese lender The Bank of Beijing intends to create a joint venture (JV) with Dutch peer ING Bank NV.
Under the joint venture bank, with a total investment of 3 billion yuan (US$ 448 million), ING will hold 51 percent and the Beijing Bank will hold a 49 percent stake.
The joint venture will build a brand in the area of digital banking with the help of financial technologies.
The Bank of Beijing has got the necessary board approval and is pending regulatory approval for the transaction.