Bank of Beijing Co., Ltd. (601169.SH), a city commercial bank based in Beijing, and Dutch lender ING on Monday signed a memorandum of understanding to establish a joint venture for direct banking business in China.
In cooperation with ING, one of world's leading providers of direct banking, Bank of Beijing launched China's first direct banking operation in 2013.
Currently in China, there are no independent direct banks existing in form of legal entities, but rather as a division of traditional banks.
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