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Baidu partners with China CITIC Bank in direct banking business
China CITIC Bank Corp Ltd confirmed Tuesday that it will collaborate with China's biggest online search engine, Baidu Inc, to build a direct banking business.
China CITIC Bank said it will hold a press conference in Beijing on Wednesday to officially cement the strategic partnership. Beijing-based Baidu said it will participate Wednesday's event with China CITIC Bank but refused to reveal details about the two's cooperation.
Through a working relationship with China CITIC Bank, Baidu is expected to finally enter China's nascent private banking sector. Baidu's rivals- Alibaba Group Holding Ltd and Tencent Holdings Ltd-have already successfully gained private banking licenses by forming similar alliances with different partners.
Baidu hasn't gained a private banking license, but analysts say that in China, to get involved in the direct banking business, which is a bank without any branch network that offers its services remotely via online banking and telephone banking, it's not required to have a private banking license.
dacare This entry was posted on November 18th, 2015 at 10:57:45 am by dacare and is filed under News of China.