Bank of Beijing says ING will not sell stake

BEIJING, Nov 5 (Reuters) - Dutch bancassurer ING Groep (ING.AS) will not sell its stake in Bank of Beijing because its investment was made for strategic, not financial, reasons, Zhao Rui'an, vice president of Bank of Beijing, said on Thursday.

ING last month said it would split into two units, repay some of its Dutch state aid early and launch a massive rights issue, all part of its restructuring talks with the European Union.

RBS analysts said earlier this year that ING could raise 1 billion euros by selling its stake in Bank of Beijing. (Reporting by Michael Wei, Aileen Wang and Simon Rabinovitch; Editing by Ken Wills)