Lufax Holding Ltd (NYSE:LU) agreed to acquire Ping An Insurance OneConnect Bank (Hong Kong) Limited from OneConnect Financial Technology Co., Ltd. (SEHK:6638) for approximately HKD 930 million on November 13, 2023. The consideration of HKD 933,000,000 in cash will be paid in full on the Closing Date and will be settled by wire transfer of immediately available funds. The transaction has been approved by the audit committee of the board of directors of OneConnect Financial Technology and the closing is subject to certain conditions, including the approval by the independent shareholders and the approval from the Hong Kong Monetary Authority.

OneConnect Financial Technology will convene an extraordinary general meeting to approve the transaction. The transaction is also subject to approval from shareholders of OneConnect and is expected to close in first half of 2024.