China’s Ant Group is refinancing its $6.5 billion credit line, the company confirmed on Thursday. The move comes as the Alibaba-backed fintech giant aims to strengthen its overseas operations. According to a company spokesperson, the refinancing pertains to an existing syndicated bank credit line from 2019.
Bloomberg News reported that Ant Group plans to allocate $1.5 billion of the credit line for its international arm, Ant International, citing unnamed sources. The development is part of the company’s broader strategy to enhance its global presence.
Ant Group, best known for operating Alipay, China’s leading mobile payment platform, restructured its organizational framework in March by establishing separate boards for some of its units to grant them greater operational independence. This restructuring aligns with the company’s continued efforts to adapt to both domestic and international challenges.
In financial performance, Ant Group reported a roughly 10% decline in quarterly net profit in August, totaling 12 billion yuan ($1.69 billion), based on Reuters’ calculations.
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