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Ping An combines three units to bolster SME and online lending services
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CHINA'S second largest insurer Ping An Insurance Group Co plans to set up Inclusive Finance Business Group, expanding its footprint over small-and-medium enterprises financing business and strengthening its peer-to-peer lending service, the company said.
The new business group combines three subsidiaries, including direct loans business, P2P lending service and credit and bonds insurance business, according to a statement released on its website.
"By combining the three parts, Ping An could enrich its P2P product line with both online and offline support," the company said. "The business group aims to be one of the largest consumer financial services providers in the upcoming future."
Former chief executive officer of Ping An Credit and Bonds Insurance Division Y. S. Cho was named the head of the new group.
Shanghai-based P2P lender Lujiazui International Financial Asset Exchange Co, Ping An's subsidiary also known as Lufax, thus gave up its P2P lending services to mainly carry out assets-backed securitization business.
"The structure adjustment also helped Lufax to do a separate listing in the future," a company official who refused to be identified beyond her surname Zhang told Shanghai Daily.
Zhang said that new business group is hopefully to become the third biggest section of the company, following life insurance and banking businesses.
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