360 Finance’s Affiliate Has Received Regulatory Approval for its Acquisition of 30% Stake in Kincheng Bank of Tianjin
August 27 2020 - 4:00AM
360 Finance, Inc. (NASDAQ: QFIN) ("360 Finance" or the
"Company"), a data driven, technology empowered digital platform,
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.
About 360 Finance
360 Finance, Inc. (NASDAQ: QFIN) (“360
Finance” or the “Company”) is a data driven, technology empowered
digital platform. Through its platform the Company enables
financial institutions to provide better and targeted products and
services to a broader consumer base. The Company also offers
standardized risk management service, in the form of SaaS modules
to institutional clients. When coupled with its partnership
with 360 Group, the Company’s solutions created noticeable
advantages in customer acquisition, funding optimization, risk
assessment and post-lending management.
For more information, please
visit: http://ir.360jinrong.net/
Safe Harbor Statement
Any forward-looking statements contained in this
announcement are made under the “safe harbor” provisions of
the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by terminology
such as “will,” “expects,” “anticipates,” “future,” “intends,”
“plans,” “believes,” “estimates” and similar statements. 360
Finance may also make written or oral forward-looking statements in
its reports to the U.S. Securities and Exchange
Commission (“SEC”) on Forms 20-F and 6-K, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about 360 Finance’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement. Further information regarding such risks
and uncertainties is included in 360 Finance’s filings with
the SEC. All information provided in this press release and in
the attachments is as of the date of this press release, and 360
Finance does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For more information, please
contact:
360 Finance
E-mail: ir@360jinrong.net
Christensen
In China Mr. Eric Yuan Phone: +86-138-0111-0739
E-mail: Eyuan@christensenir.com
In US Ms. Linda Bergkamp Phone:
+1-480-614-3004 Email: lbergkamp@christensenir.com
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