China’s Biggest Peer Lender Plans Push Into New Finance ServicesBy
Lufax aims to be `Charles Schwab With Chinese Charateristics’
Targets emerging middle-class investors for its platform
China’s Lufax has become the biggest online peer-to-peer lender in the world by certain measures. Now it is aiming to become much more.
Gregory Gibb, the former McKinsey & Co. consultant who runs Lufax, wants to create the Charles Schwab Corp. of China, offering a broad selection of financial services including discount brokerage to the country’s fast-growing middle class. He sees it as a natural extension of the Lufax lending platform, where individuals and small-businesses who want to borrow money are matched with investors seeking higher returns than what they can get from a bank…
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