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China Mobile, shareholder of Pudong Dev. Bank
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China Mobile, has confirmed that it now holds stakes in Shanghai Pudong Development Bank. The country's number one carrier for mobile phones says it sees this partnership as a chance to further expand into new areas such as e-commerce and conducting multiple financial transactions with hand-phones.
China Mobile will subscribe to 2.2 billion Pudong Bank shares at 18.03 yuan each. Its sub-branch Guangdong Mobile will pay about 40 billion yuan and assign two representatives to serve on the board of Pudong Bank as independent directors.
Wang Jianzhou, Chairman, China Mobile, said, "Pudong Development Bank first issued a notice saying it was looking for a strategic partner. Then we both issued notices regarding cooperation. Trade in our shares is now suspended, but we expect to wrap things up as soon as possible."
The deal will enable China Mobile to work with Pudong Development Bank to develop mobile finance and e-commerce. That's in keeping with the current trend towards using phones for multiple functions.
Wang said, "For example, music has been quite a successful business for us, generating revenue of over 10 billion yuan. So I think it's time to expand our business into other fields."
But Wang also stressed that China Mobile had no plans to be involved in the bank's daily
