LUFAX (06623.HK) +0.220 (+1.276%) (LU.US) , the parent company of local virtual bank PAO Bank and an associate company of Ping An Group, will apply for local registration in Hong Kong through its subsidiary Lufax International (Hong Kong) as a licensed money lender.
It plans to commence lending business in Hong Kong in the third quarter of this year, and is expected to focus on unsecured small and medium-sized enterprise lending business.
According to the Hong Kong Economic Journal, a spokesman for LUFAX responded that relevant work is currently being prepared and the business is expected to commence in the third quarter.
PAO Bank also provides SME banking services in Hong Kong, including corporate installment, short-term and revolving loan products.
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