Chinese search engine and Internet company Baidu Inc. said it had obtained regulatory approval to establish a direct banking unit in partnership with China CITIC Bank.
Baixin Bank, which is 70% owned by CITIC Bank, with the remaining held by Baidu, will not have any brick-and-mortar outlets. It will operate in the form of online banking, telephone banking, ATM and mobile banking, the companies said.
The move follows similar steps by Tencent Holdings Ltd. and Alibaba Group Holding Ltd., which founded their own banking units in 2014 and 2015.
The joint venture bank, which will tentatively have RMB2 billion in registered company, adds banking services to Baidu's existing financial offerings, including payment, consumer credit, corporate lending, credit...
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