Bank of Beijing Co Ltd said on Friday that it has got the necessary board approvals for the esta
blishment of a joint venture with Netherlands-based ING Bank NV, in which the latter will be the majority partner.
With a total investment of 3 billion yuan ($448 million), the forthcoming joint-venture bank, whic
h is still waiting for regulatory approval, may become China’s first commercial lender in which a for
eign shareholder has a controlling interest. According to the plan, ING Bank will hold a 51 percent stake, and Bank of Beijing 49 percent.
Drawing on the experience of ING Bank in the successful development of direct ba
nking services, the joint venture will build a brand in the area of digital banking with the help of financial tec
hnologies and try to become a benchmark in terms of the implementation of China’s push to further open
up its financial sector to foreign investors, said the mid-tier commercial lender BOB in an announcement.
Different from the traditional counter-based model, the direct banking model uses e-cha
nnels to provide financial products and therefore has no restriction of time, regions or geographic branches.
harbor, on the southwest coast of Seoul. On board were 51 containers of mixed waste that South Korean company Green SoKo had exported to the Philippines last year.
The company had claimed the waste was recyclable plastic, but most of it was not in fact recyclable an
d had been strewn over a 45,000 square meter patch (almost 500,000 square feet) of Mindanao island.
Locals discovered that the trash included household garbage, used diapers, empty ca
ns of ham, and washing machine parts. Protests by environmental group EcoWaste Coalition put pressure on the South Korean govern
ment to take back the trash.What that container ship brought back to Seoul, however, was only a fraction of the 290
,000 tons of waste which South Korean Customs estimates was illegally exported in 2018.
A report released last month by the Ministry of Environment
blamed the problem on the lack of affordable alternatives for disposing of solid waste.
”The cost of incineration used to be $53 per ton and now it’s over $230. The waste comp
anies cannot recycle or incinerate (affordably), so the waste is left abandoned,” ministry officials said at a briefing.