China Mobile has decided to buy 20% of Shanghai Pudong Development (SPD) Bank for $5.83 billion cash. Under the deal, Guangdong Mobile – China Mobile’s biggest subsidiary – will become the bank’s second largest shareholder. Guangdong Mobile has signed an MoU with SPD Bank “to closely cooperate in the joint development of mobile finance and mobile e-commerce businesses.” This Mobile-Bank  partnership promises wireless finance services including mobile bank cards and payment services. The investment presents China Mobile a platform to offer wireless banking services to more than 527 million customers in the world’s fastest-growing major economy. Full rport.