AEON Credit Service (Asia) Co. Ltd. decided to wind up fellow subsidiary AEON Credit Guarantee (China) Co. Ltd. through a voluntary liquidation process.
AEON Credit Guarantee (China) is engaged in the credit guarantee business in China and is jointly owned by AEON Credit Service (Asia) and parent AEON Financial Service Co. Ltd. The company stopped offering credit guarantees in 2015.
AEON Credit Service (Asia) said the voluntary liquidation of AEON Credit Guarantee (China) will help it in reducing investment losses as well as allocating more resources to further strengthen and develop its microfinance business in China.
The voluntary liquidation is expected to be completed by the end of 2017.