Citigroup Clinches $260 Million Asset-Backed Financing for WeLab
- WeLab, backed by tycoon Li, seeks capital to fund loan growth
- Deal comes as deepening China credit crisis spreads to Europe
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Citigroup Inc. led a $260 million asset-backed financing for WeLab Ltd., Hong Kong’s biggest online lending platform, people familiar with the matter said.
Citigroup is the sole senior underwriter on the deal, the people said, asking not to be identified because it’s private. Hong Kong-based representatives for Citigroup and WeLab declined to comment.