Welcome to China Mobile-Bank


Posted on March 11, 2010  /  0 Comments

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.

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