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February 08, 2002 at 07:00 PM
NU Online News Service, Feb. 8, 1:22 p.m. –The ING Groep N.V., Amsterdam, and Beijing Capital Group, Beijing, say they want to set up a life insurance joint venture in Dalian, China.
ING Insurance International B.V., an ING unit, and Beijing Capital have signed a letter of intent describing the venture, ING says.
The letter calls for ING Insurance and Beijing Capital to each own 50% of the stock of the venture. ING Insurance would manage the day-to-day operations.
Beijing Capital is affiliated with the Beijing Municipal Government.
ING already participates in the Pacific Aetna Life Insurance Company joint venture in Shanghai. Aetna Inc., Hartford, started the Shanghai venture in early 2000, about a year before ING acquired its international insurance operations.
