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Chongqing Ant Consumer Finance, the consumer credit division of Chinese fintech agency Ant Group, has secured RMB 4 billion ($550 million) in credit from a financial institution consortium led by Japanese monetary big Mizuho Financial Group’s unit in China. Mizuho Bank and Bank of East Asia have been the first lenders on this credit spherical, Mizuho Bank stated on Thursday, with out disclosing particular particulars such because the rate of interest. This transaction marks the most important consortium loan ever in China’s consumer credit trade, South China Morning Post stated in a September 14 report. Consortium loans are a typical financing methodology for consumer finance corporations. Ant group acknowledged that this settlement displays the popularity of its consumer finance capabilities by the 14 banks concerned within the consortium. [SCMP]
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