The two will put $313m into Baixin Bank, which will provide direct banking services in their home country of China.
China-based internet company Baidu and financial services firm Citic Bank Corp are set to invest a combined RMB2bn ($313m) in an online lending platform called Baixin Bank, Reuters has reported.
CITIC said it intends to take a controlling stake in the direct bank, which will provide services online or over the telephone instead of through physical branches, and that its partners are waiting to secure a direct banking license.
The venture will involve Citic’s financial products being combined with Baidu’s…
