Mar 22, 2024 06:24 AM
FINANCE
Ant Group Completes Microloan Business Reshuffle
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Ant this week announced a new round of business restructuring under which its overseas unit Ant International, the database operation OceanBase and Ant Digital Technologies will become three independently run business units
Chinese fintech giant Ant Group Co. Ltd. has completed the reshuffle of its consumer lending businesses Huabei and Jiebei, wrapping up a years-long, government-driven overhaul, a person close to the matter told Caixin.
Ant’s two wholly owned small loan business units, the operators of Huabei and Jiebei, have fully exited the businesses during the past year. The two brands have been incorporated into Chongqing Ant Consumer Finance Co. Ltd. (CACF), a subsidiary set up in 2021 that is 50% owned by Ant, according to the person close to CACF.
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