PANews reported on October 30 that Citigroup took the lead in providing $260 million in asset-backed financing for WeLab, Hong Kong's largest online lending platform, according to Bloomberg, citing people familiar with the matter. Citigroup was the sole senior underwriter for the deal, but requested anonymity because the deal was not made public, and both Citigroup's Hong Kong representative and WeLab declined to comment at this time, according to people familiar with the matter. The funding first came out in November, when it was said WeLab could be valued at around $2 billion.

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