China Mobile buys 20% of Pudong Bank
China’s largest mobile phone service provider became a strategic investor in the Shanghai Pudong Development Bank (SPDB) after a multi-billion dollar stock purchasing deal on Wednesday.
Guangdong Mobile, China Mobile’s branch in south China’s Guangdong province, bought 2.2 billion shares of at the cost of 39.8 billion yuan ($5.83 billion), claiming 20 percent of the bank [...]