AGTech Holdings Limited has taken a controlling stake in Ant Bank (Macao) Limited following the acquisition on Tuesday of existing and new shares for 243 million patacas.
Following the deal, AGTech holds approximately 51.5 percent of the issued share capital of Ant Bank (Macao), making the bank an indirect non-wholly owned subsidiary of AGTech.
In a media statement, AGTech – a Hong Kong-headquartered electronic payment provider backed by Alibaba – said the acquisition would “enhance synergy” between its electronic payment services in Macao and the bank’s own digital banking services. The aim is to “meet the diversified financial needs of the market, and foster the digital transformation of financial services” locally.
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Sun Ho, the chairman and CEO of AGTech, said “This acquisition is a milestone for AGTech. It reflects our commitment to the financial service sector of Macao and the broader digital economy, expanding our reach into the digital financial sector.”
The development of the local finance sector is a priority for the Macao government as it seeks to wean the city off its overwhelming dependence on gambling.
Ho said the deal aligned with the government’s strategy by “injecting new vitality into financial technology innovation and economic diversification in Macao and globally.”
