Chinese consumer financing platform LexinFintech announced on Monday it has appointed Suining Xiao to its board of directors. According to LexinFintech, Xiao has been appointed as a designee of PAG, an Asia-focused private equity firm, in connection with PAG’s purchase of convertible notes from the Company, a transaction that was announced on September 11th and consummated on September 16th. This appointment increases the size of the Board to nine directors.
LexinFinteh also revealed that Xiao is a partner of PAG and chairman of PAG in China. Prior to joining PAG in 2013, Xiao served as the chairman of Ping An Bank from 2010 to 2012 and was a director and president of the Shenzhen Development Bank from 2007 to 2010. Prior to joining the Shenzhen Development Bank, Xiao spent 17 years at the Bank of Communications where he held numerous senior management positions, including as the president of the Bank of Communications Shenzhen Branch.
Speaking about the appointment, Jay Wenjie Xiao, Lexin’s hairman and CEO, stated:
“We are delighted to welcome Mr. Suining Xiao to our board. Mr. Xiao has a comprehensive understanding of our business and extensive experience in banking and investment, which is important to Lexin. We are very much looking forward to working closely with him as we continue to grow our business.”
Xiao went on to add:
“I’m proud to be joining the board of one of China’s most exciting financial technology companies, and I look forward to working with my fellow board members as we continue to chart a course towards Lexin’s successful future.”
The appointment comes just weeks after LexinFintech announced it has entered into a convertible note purchase agreement with PAG issue and sell convertible notes in an aggregate principal amount of $300 million through a private placement.