PAObank assets more than double, gets $64.2m capital

PAObank chief executive Ronald Iu said the capital injection reflects shareholder support.

PAO Bank Limited said its total assets more than doubled year on year as of end-November 2025, supported by continued business expansion and a fresh capital injection from its shareholder, Lufax Holding Ltd.

The digital bank received $64.2m (HK$500m) in new capital from Lufax, bringing Lufax’s total investment in PAObank to $89.9m (HK$700m) since 2025. 

Lufax is listed in Hong Kong and New York. PAObank said the additional funding strengthens its capital base as it expands its retail banking and technology capabilities.

PAObank chief executive Ronald Iu said the capital injection reflects shareholder support for the bank’s long-term growth. 

He said the bank’s retail business has been expanding, following the recent approval of a licence related to wealth services, which it is preparing to launch. 

He added that PAObank has also become the first digital bank in Hong Kong to offer insurance services through both online and offline channels.

The bank entered the insurance business in March 2025. Its offerings include general insurance products such as motor, travel and home insurance, as well as life protection and savings plans. 

PAObank said the insurance process is fully paperless, allowing customers to purchase coverage digitally.

PAObank is part of Ping An Group and said it is combining banking and insurance services to build an insurance and wealth management ecosystem in Hong Kong, as it works towards becoming a digital wealth management platform within the group.

($1.00 = HK$7.79)