However, there have been no further details on the planned venture, channelnewsasia.com reports citing a number of sources. CITIC has halted trading of its Shanghai-listed shares pending the release of an announcement in relation to a proposed external investment.
Similarly, Alibaba Group Holding Ltd and Tencent Holdings Ltd have both set up online-banking joint ventures. But these have run into regulatory roadblocks, due to a lack of physical locations required by regulators for certain services. Even after the Baidu-CITIC joint venture is established, the new firm would still need to apply for a banking licence.
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