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

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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.

[BEIJING] 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 per cent stake. Other shareholders will be: Shanghai Fosun Industrial Technology Development Co Ltd, a subsidiary of Fosun International Ltd, with a 25 per cent stake; a subsidiary of Wanxiang Group will hold 18 per cent; and Ningbo Jinrun Asset Management will own 16 per cent.

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

REUTERS