(Bloomberg) -- Ant Group Co. has gradually exited its investment in Postal Savings Bank of China, according to a statement on Friday.
The divestment was based on its own development needs and investment management planning, the statement said. The two companies will continue a partnership formed over the past years, an Ant Group spokesperson said, adding that they will continue to leverage each other's strength to offer inclusive and convenient services to users.
Bloomberg reported in 2020 that Chinese regulators were studying plans to force Ant Group to divest equity investments in some financial companies, curbing the company's influence over the sector. The plans were part of a push by watchdog agencies to regulate so-called financial holding companies, a person familiar with the matter said at that time.
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