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Ant could sell stake in Hong Kong bank - Bloomberg

Ant could sell stake in Hong Kong bank - Bloomberg

Chinese fintech giant Ant Group could sell a stake in its Hong Kong virtual banking unit, according to Bloomberg.

Ant Bank (Hong Kong) has talked to potential investors, according to Bloomberg, citing sources, although plans are at the preliminary stage.

One of several lenders to be granted a virtual banking licence by the Hong Kong Monetary Authority in recent years, Ant Bank posted a US$30 million loss in 2021.

Its parent company has been restructuring over the last two years as it seeks to appease Chinese regulators.

In January, Alibaba founder Jack Ma ceded control of the fintech giant under a corporate restructuring which sees his stake in the firm reduced to just six percent.

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