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Economy

Baidu partners with China CITIC Bank in direct banking business

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2015-11-17 13:37chinadaily.com.cn Editor: Wang Fan

China CITIC Bank Corp Ltd confirmed Tuesday that it will collaborate with China's biggest online search engine, Baidu Inc, to build a direct banking business.

China CITIC Bank said it will hold a press conference in Beijing on Wednesday to officially cement the strategic partnership. Beijing-based Baidu said it will participate Wednesday's event with China CITIC Bank but refused to reveal details about the two's cooperation.

Through a working relationship with China CITIC Bank, Baidu is expected to finally enter China's nascent private banking sector. Baidu's rivals- Alibaba Group Holding Ltd and Tencent Holdings Ltd-have already successfully gained private banking licenses by forming similar alliances with different partners.

Baidu hasn't gained a private banking license, but analysts say that in China, to get involved in the direct banking business, which is a bank without any branch network that offers its services remotely via online banking and telephone banking, it's not required to have a private banking license.

  

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