By Syndicated Content
By Julie Zhu
HONG KONG (Reuters) - China s Ant Group is in talks with other shareholders in its new consumer finance unit to bolster the firm s capital as the fintech giant prepares to fold in its lucrative micro-lending businesses, people familiar with the matter said.
It would need additional capital of 30 billion yuan ($4.6 billion) to meet regulatory requirements, said one of the people who has direct knowledge of the plans.
Ant plans to bring most of its micro-lending businesses into the unit - equivalent to roughly 1 trillion yuan ($155 billion) in outstanding loans - a move which will allow it to maintain operations nationwide and expand more easily, said two sources.
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China s Ant to boost consumer finance unit capital as it restructures micro-lending: sources
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China s Ant to boost consumer finance unit capital as it restructures micro-lending: sources
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