Baidu banks online with CITIC Bank
Print Edition
CHINA’S Baidu Inc said yesterday that it is forming an online bank with China CITIC Bank to offer loans and wealth-management products.
The venture signals Baidu’s latest move to compete against its rivals amid a booming Internet finance service sector.
CITIC Bank, the country’s seventh-largest lender by assets, will own a controlling stake in the new Baixin Bank, which will have a registered capital of 2 billion yuan (US$313 million), according to the lender’s filing to the Hong Kong stock exchange. The filing didn’t give details on exact shareholdings.
The new bank is subject to regulatory approval, the filing added.
“Baidu lags behind Alibaba Group Holding and Tencent Holdings on Internet finance. This is what they have to do to stay on the same page,” said an analyst surnamed Yuan at the Bank of Shanghai, adding that the tie-up could help CITIC Bank gain new channels to sell financial products.
Grace Li, a Shanghai-based analyst at Ping An Securities Co, said Baidu has a mobile application that boasts 500 million users and the app’s payment function has 45 million activated accounts.
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