Banking News

Ant Group Mulls Sale of Stake in Hong Kong Virtual Banking Unit

(5 May 2023 – Hong Kong) Chinese fintech giant Ant Group could sell a stake in its Hong Kong (HK) virtual banking unit.

Ant Bank (HK) has talked to potential investors although plans are at the preliminary stage Bloomberg reports.

The bank was 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.

Ant Group's founder Jack Ma gave up control of the Chinese fintech giant earlier this year, with the company nearing the completion of its two-year regulatory driven restructuring.

"We don't comment on market rumours" said an Ant Group spokesperson.