Lender eyes up ING unit

Bank of Beijing Co, partly owned by ING Groep NV, is in talks to buy half of ING's life insurance venture on the Chinese mainland 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, according to 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 in premiums at the end of last year.