Ant Group weighs stake sale of Hong Kong virtual banking unit - Bloomberg News

[May 05, 2023]  (Reuters) -Ant Group Co Ltd is considering selling its stake in its virtual banking unit in Hong Kong, Bloomberg News reported on Friday, citing people familiar with the matter. 

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song

Ant Bank (Hong Kong) Ltd is in talks with potential investors to bolster operations and the plan is preliminary in its preliminary stages, according to the report.

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

An Ant Group spokesperson declined to comment on the report, saying "We don't comment on market rumours."

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Savio D'Souza)

[© 2023 Thomson Reuters. All rights reserved.]
This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.