Alibaba finance arm Ant Financial to launch online private bank in June

Reuters News
Posted: Apr 08, 2015 10:35 PM

BEIJING (Reuters) - Alibaba Group Holding Ltd's finance arm will launch its private internet bank, to be called MYbank in June, Yuan Leiming, Ant Financial's general manager of its finance division, told Reuters in an interview in Beijing on Thursday.

Ant Financial will hold a 30 percent stake. Other shareholders will be: Shanghai Fosun Industrial Technology Development Co. Ltd, a subsidiary of Fosun International Ltd, with a 25 percent stake; a subsidiary of Wanxiang Group will hold 18 percent; and Ningbo Jinrun Asset Management will own 16 percent.

Alibaba and affiliate Ant have big ambitions for financial services in China, which have traditionally been geared toward larger and state-owned businesses and neglected individuals and smaller enterprises.

(Editing By Nicholas Heath and Michael Perry)