SPY328.73+5.23 1.62%
DIA271.70+3.60 1.34%
IXIC10,913.56+241.30 2.26%

360 Finance's Affiliate Received Regulatory Approval for its Acquisition of 30% Stake in Kincheng Bank of Tianjin

360 Finance, Inc. (NASDAQ: QFIN) today announced that 360 Group, one of its affiliates, has received approval from the China Banking and Insurance Regulatory Commission to complete the acquisition of 30% stake in Kincheng Bank of Tianjin Co., Ltd. ("Kincheng Bank").

 · 
360 Finance, Inc. (NASDAQ:QFIN) today announced that 360 Group, one of its affiliates, has received approval from the China Banking and Insurance Regulatory Commission to complete the acquisition of 30% stake in Kincheng Bank of Tianjin Co., Ltd. ("Kincheng Bank"). Upon the closing of the transaction, 360 Group will become the largest shareholder of the bank, and Kincheng Bank will become the third Chinese private bank to be backed by an internet giant.  Mr. Haisheng Wu, Chief Executive Officer and Director of 360 Finance, commented, "We are very pleased to see the transaction finally reached a successful conclusion. As a data driven, technology-empowered digital platform with particular strength in innovative product design and effective risk management, we expect to realize significant synergy between us and Kincheng Bank through strategic partnership. In the coming weeks, we will enter a series of agreements with Kincheng Bank to highlight the execution details related to all aspects of our partnership. We believe with such a deep-rooted relationship, we should be able to significantly expand the scope of our product and service offerings and continue to explore the application of digital technology in various scenarios, and ultimately to better satisfy the diverse needs of our users and institutional partners." Kincheng Bank of Tianjin was established in 2015 in Tianjin's pilot free trade zone, and was among the first five private banks approved by China's banking regulator as part of a pilot scheme to implement financial reforms related to the opening of the Chinese banking sector to private capital.