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China Mobile buys 20% stake in Pudong Bank Thursday 11 March 2010 | 02:25 AM CET
 
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China Mobile will buy a 20 percent stake in Shanghai Pudong Development Bank for a total cash consideration of CNY 39.80 billion. The company, through its subsidiary Guangdong Mobile, entered into an agreement with Pudong Bank to subscribe for 2.21 billion new shares in the bank, which will make China Mobile the second largest shareholder in the bank. China Mobile and Pudong Bank have also signed a memorandum of understanding on strategic cooperation on the development of mobile finance and mobile e-commerce. The scope of cooperation includes the joint development of a mobile payments business, mobile bank card business, mobile funds transfer services, as well as other forms of mobile finance and commerce.
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