Bank of Beijing, backed by Dutch lender ING, is set to finalise plans for a $500m (€390) float a day after a rival Chinese bank, part-owned by Citigroup, completed a Hong Kong listing.

The South China Morning Post reports that Bank of Beijing, in which ING holds a 20% stake, will this weekend hold a beauty parade for banks including Goldman Sachs, Morgan Stanley and Merrill Lynch to appoint a bookrunner for the flotation.