ING Group bets big on China's trade initiatives

ING Group NV is looking to grab a major slice of the business opportunities arising from the outbound moves of Chinese companies and will accordingly expand its banking facilities in the country, a top official said.

The Netherlands-based multinational financial corporation expanded its commercial banking presence in China on Thursday by upgrading its Beijing representative office into a full-service branch. The new branch will help it achieve revenue growth of more than 15 percent in China, said Aart Jan den Hartog, head of commercial banking for China at ING Bank.

Hartog said the lender was confident of tapping opportunities from the booming outbound investment by Chinese firms, which is expected to reach $22 trillion by 2020.