Bank of Ningbo on Track to Acquire Majority Stake in Huarong Consumer Finance

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Regional lender Bank of Ningbo is set to further expand its presence in the consumer finance sector via the acquisition of a stake in Huarong Consumer Finance (华融消费金融股份有限公司).

On 18 May Xin’an Finance (新安金融) announced that it plans to transfer its 6.7% stake in Huarong Consumer Finance to Bank of Ningbo for a consideration of 104 million yuan.

Xin’an Finance holds the 6.7% stake in Huarong Consumer Finance via its fully owned subsidiary Anhui Xin’an Asset Management Co., Ltd. (安徽新安资产管理有限公司).

Bank of Ningbo previously announced on 7 May that it planned to obtain a 70% stake in Huarong Consumer Finance from China Huarong Asset Management for a consideration of 1.091 billion yuan.

Huarong Consumer Finance was established in January 2016 with registered capital of 900 million yuan. Its founders include China Huarong, Xin’an Asset Management, Shenzhen Huaqiang and Hefei Baida.