China Mobile buys bank stake (Straits Times)
HONG KONG – PHONE giant China Mobile said Wednesday it will pay about US$5.8 billion (S$8.11 billion) for a 20 per cent stake in Shanghai Pudong Development Bank as part of its bid to enter the wireless banking market. Hong Kong-listed China Mobile, the world’s largest phone operator by market value, said it will work with the mainland Chinese bank on products that would let customers pay bills …
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