Ping An-backed Lufax Holdings has announced that it is set to acquire Hong Kong virtual lender Ping An OneConnect Bank.
Lufax will acquire Ping An OneConnect Bank (PAOB) from OneConnect Fintech Technology for HK$933 million (US$120 million), according to an exchange filing.
POAB is indirectly owned by Ping An through OneConnect. Ping An-backed Lufax is a small business lender in mainland China while POAB is a virtual banking platform targeting small and medium-sized enterprises in Hong Kong.
«PAOB and Lufax share the same vision of leveraging financial technology to promote financial inclusion. PAOB believes that the acquisition will create greater opportunities for its business development, and it poses no impact on the daily operations nor management,» the virtual bank said in a statement.
