BEIJING/SHANGHAI: Lufax, one of China's largest online wealth management platforms that is backed by financial giant Ping An Insurance , plans to exit its once-core peer-to-peer lending business, three sources with direct knowledge of the matter told Reuters.
Formally known as Shanghai Lujiazui International Financial Asset Exchange, Lufax was set up in 2011 as a P2P platform by Ping An . Lufax's P2P staff will be incorporated into a new department focusing on consumer finance, one source said.Channel NewsAsia - Sentifi topic widgetLufax's new consumer finance focus will involve the company using the group's banking unit, Ping An Bank , as the hub, one source said.
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