China Citic Bank Board Approves Setting up of Direct Bank With Baidu
November 17 2015 - 7:56PM
Dow Jones News
By Joanne Chiu
China Citic Bank Corp.'s (0998.HK) board has approved a plan to
set up an online banking service with Chinese Internet search giant
Baidu Inc. (BIDU) with a proposed registered capital of 2 billion
yuan ($314.8 million).
The Chinese lender said Wednesday it plans to set up a direct
bank called Baixin Bank Co. with Fujian Baidu Bo Rui Netcom Science
and Technology Co., a unit of Baidu. The Chinese bank will hold a
majority stake in the direct bank, which will offer investment
products and lending services to customers online.
Separately, the board of China Citic Bank also approved a plan
to set up China Citic Bank Asset Management Corp. with a proposed
registered capital of CNY2.0 billion. The plan is awaiting
regulatory approval.
Trade in shares of China Citic Bank, which halted Monday, will
resume Wednesday.
Write to Joanne Chiu at joanne.chiu@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 17, 2015 19:41 ET (00:41 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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