to divest equity investments in some financial companies, curbing the company’s influence over the sector, according to a person familiar with the matter. It’s now said to be planning a holding company to house its wealth management, consumer lending, insurance and payments services as well as MYbank. Those assets don’t need to be sold under the current rules for financial holding companies though that may change if regulations tighten, the person said. Under rules that took effect in November, non-financial companies that control at least two cross-sector financial institutions are required to secure a financial holding license. The precise rules on how financial holding companies could be regulated in the future remain under deliberation.

Source: Mint December 31, 2020 09:45 UTC