China Ping An announces integrated business group, vigorously develop "Pu-hui Finance"

has been declared "as a personal financial services provider," China's peace, this time to make a high-profile foray into the financial sector.

On the evening of March 17, China Ping An announced the integration of its many related business into a unified "ping ' an financial" business cluster, vigorously develop "Pu-hui finance" to better serve small micro-enterprises and personal consumption of financial needs.

The Lu Jin Financial business Cluster integrates the Ping an direct loan business, the Peer-to-peer microcredit loan under the auspices of the Company and the business management team of three modules of Ping an credit guarantee insurance division, and is expected to become one of the largest consumer financial service providers in China in the future.

According to an industry insider estimates, the general benefits of the financial sector to ping An group's profit contribution rate will be directly overtaking the production risk, after life insurance, the bank's third largest business sector.

Business integration

"This is just the beginning of business integration, not related to specific business, personnel level of integration, just a frame first." Organized by the group, not excluding the establishment of a separate company in the future, in fact, is now in the establishment of an independent body of the preparation. A peace insider told the newspaper.

In fact, China's peace in the general financial field has been exploring for many years, but also the earliest development of micro-consumer credit business financial enterprises, but specific to the relevant business, but is scattered to the various corners of the group: some are hanging in the production of insurance, and some in the Lu Jin.

This time, the original fragmented business resolution will be stripped out of the original main body, set up a new business cluster, this process, peace will call it through the "Heaven and Earth Network" resources.

"Days" refers to the ping ' an direct loan service platform, is China's Ping an financial products for the development of remote trading platform for business advisory services, by the launch of Ping ' an services platform, for China's loan clients to demand the funds, to provide online direct consumer loans advisory services.

"Ground" that is, ping-an-bao, the original hanging in the Ping an production insurance of the Peace Credit Guarantee Insurance Division. Including China Ping ' an small individual and micro-enterprise unsecured consumer loans service agencies. The main product is previously quite usury dispute "Ping easy Loan Insurance", the product's loan rate as high as 20%~30%.

In addition, the "ground" also includes the August 2014 China Ping An overseas holding company from Temasek acquired by the FTSE Financial Holdings Limited wholly-owned security company, Ping-an to be renamed as Ping ' an finance guarantee company. "NET" refers to the Lu Jin micro-credit loan business platform. Founded 4 years ago, Lu Jin has become China's largest peer-to-peer platform.

Ping An group in accordance with the overall plan, the above business has a similar customer base, business model complementary, strategic synergy and so on, will be integrated in the near future to form a "ping-hui financial" business cluster, unified business management in front of the background.

Lu Jin or preparing for listing

For this business adjustment, the industry insiders on the analysis of this newspaper, Lu Jin stripping Peer-to-peer or to prepare for the listing, "the real Peer-to-peer business accounts for only a small share of Lu Jin, from the nature of the business, Lu Jin provided products are mainly non-standard asset securitization, and if the Lu Jin to be listed, Peer-to-peer business must be dragged down, Stripping Peer-to-peer, Lu Jin become a real information service provider, it will be easier to go public. ”

Last year's Ping an semi-annual report showed: in the first half of 2014, Lu Jin financial assets Trading scale up nearly 10 times times, of which peer-to-peer trading scale rose more than 6 times times, the Lu Jin two-tier market transaction size rose nearly 25 times times.

Ping An insiders also disclosed to this newspaper, the future Lu Jin will still sell peer-to-peer products, but from the source that is the product of Pu-hui finance, not Lu Jin products.

Ping ' an also said that Jiqu led the Lu Jin will transform its function as a financial information consulting platform, better play its non-standard financial assets distributing Center market role, build into an open platform. The Lu Jin financial business cluster is closely integrated with the will make ping-hui access to a strong online development capabilities, and Lu Jin will also gain a strong line of service capacity support, will make its original Peer-to-peer product line to become more open Peer-to-peer product platform, including the ping ' an more abundant peer-to-peer product supply support.

and the entire general financial line of business will be South Korea's Ping An executive Zhao Jong (Y.s.cho), Zhao Jong that is the chief of the Ministry of Peace and Security. Zhao Jong 奭 previously in charge of peace and good cars and other projects. It is understood that he was introduced to the peace in 2007, is Zhao Jong earlier in the Korean Citi "leader"-former Ping an bank governor Richard Jackson.

Ping An credit insurance division has always wanted to be able to win the Consumer financial licence, so as to truly carry out the field of business.

After the completion of the business integration, Pu-hui financial sector is expected to become the life insurance, the bank's third largest business sector. "Ping ' an credit insurance division is linked to the production of insurance, in addition, the production of insurance 70%~80% business from Ping-an direct service, so, production risk stripping out the two business, profits will decline, the general financial will replace the production of insurance to become the third largest profit contribution plate. The industry insiders told the newspaper.