Ant Financial, Alibaba's financial service affiliate, is set to buy a 1.2 billion yuan (about 188 million U.S. dollars) controlling stake in Cathay Insurance, the company said on Monday.
The agreement, which will see Zhejiang Ant Small & Micro Financial Services Group Co. holding 60 percent in the mainland unit of Taipei-based Cathay Financial Holdings Co., is waiting to be approved by the government. It is expected to be finished within the year.
The deal will allow Ant Financial to expand its range of products.
Cathay Financial is one of Taiwan's largest financial holdings groups, covering insurance, securities, banking and other diversified financial institutions. Ant Financial runs China's most popular online payment platform, Alipay.
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