Chinese financial company takes over British business

Ant Financial Services Group has agreed to buy British currency exchange WorldFirst, the company announced on Thursday.

The move is considered one of the company's most significant expansions into Europe.

The Chinese financial technology giant said the deal would allow the two companies "to reach a greater number of customers, especially in the fast-growing area of cross border e-commerce".

It declined to disclose the terms of the purchase.

WorldFirst CEO Jonathan Quin said in a letter to clients that the company "will continue to operate as a UK-headquartered and regulated business with global operations", while becoming a wholly owned division of Ant Financial.

Quin will continue to lead the firm after the takeover is completed.

The acquisition comes after a thwarted attempt to take over MoneyGram International, a United States-based, cross-border payments group, which was blocked on security concerns from Washington.