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 today to officially cement the strategic partnership. Beijing-based Baidu said it will participate in Wednesday's event with China CITIC Bank but refused to reveal more details about the cooperation between the two companies.
On Monday, CITIC halted trading of its Shanghai-listed shares pending the release of an announcement in relation to a proposed external investment.
Through a working relationship with China CITIC Bank, Baidu is expected to finally enter China's growing private banking sector.
Baidu's competitors Alibaba and Tencent Holdings have already successfully gained online banking traction by forming similar alliances with different partners.
