Bank of Beijing Co (北京銀行), part owned by ING Groep NV, is in talks to buy half of ING’s Chinese life insurance venture in what would be its second acquisition in three months.
Bank of Beijing is negotiating terms for Beijing Capital Group Co’s 50 percent stake in ING Capital Life Insurance Co (首創安泰人壽), it said in a statement yesterday. ING Groep, the biggest Dutch financial-services firm, owns the other half of ING Capital Life, which was established in 2002 and had 2 billion yuan (US$293 million) in premiums at the end of last year.
China is letting banks expand into brokering, fund management and insurance, winding back former Chinese premier Zhu Rongji’s (朱鎔基) 1993 restrictions, to help them become less reliant on income from lending. A 64 percent stock market drop this year has curbed mutual fund sales at banks, and a slowing economy is eroding demand for loans while pushing bad debts higher.
Bank of Beijing won approval in July to buy 20 percent of Langfang City Commercial Bank (廊坊市商業銀行) for 127.5 million yuan. The bank now has 131 branches in Beijing and outlets in Tianjin, Shanghai and Xian.
ING, which received a 10 billion euro (US$13.4 billion) lifeline from the Netherlands, agreed to sell its Taiwanese life insurance unit for US$600 million to Taipei-based Fubon Financial Holdings Co (富邦金控), the two firms said on Monday.
SUPPORT: Arms sales to NATO Plus countries such as Japan, South Korea and Israel only have to be approved by the US Congress if they exceed US$25m The US should amend a law to add Taiwan to the list of “NATO Plus” allies and streamline future arms sales, a US commission said on Tuesday in its annual report to the US Congress. The recommendation was made in the annual report by the US-China Economic and Security Review Commission (USCC), which contained chapters on US-China economic and trade ties, security relations, and Taiwan and Hong Kong. In the chapter on Taiwan, the commission urged the US Congress to “amend the Arms Export Control Act of 1976 to include Taiwan on the list of ‘NATO Plus’ recipients,” referring to
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Minister of Labor Ho Pei-shan (何佩珊) said she would tender her resignation following criticism of her handling of alleged bullying by Ministry of Labor Workforce Development Agency branch director Hsieh Yi-jung (謝宜容) resulting in the death of an employee. The ministry yesterday gave Hsieh two demerits and said she is subject to review by the Disciplinary Court. The severest possible punishment would be her removal from office and being barred from government jobs indefinitely. Workforce Development Agency Director-General Tsai Meng-liang (蔡孟良) also received a major demerit and was transferred to another position. Premier Cho Jung-tai (卓榮泰) issued a formal apology
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