HONG KONG/SHANGHAI - Bank of Beijing Co Ltd said on Monday that it has agreed with ING Insurance to lift capital investment in a Chinese joint venture by 600 million yuan ($91.81 million).

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The new capital would be injected over five years, with the first phase of 125 million yuan to be paid before the end of June, the bank said in a statement to the Shanghai stock exchange.

The city-focused lender also plans to raise up to 11.8 billion yuan through a share placement, it said in a separate statement, confirming what sources told Reuters last week.

Citic Securities Co Ltd and Taikang Life Insurance Co Ltd are among 10 investors that have committed to the placement.

Shanghai-listed shares of Bank of Beijing fell as much as 3.8 percent on Monday. The Shanghai Composite Index was down 0.5 percent.