China Mobile Invests $5.8 Billion In Pudong Bank For 20% Ownership

Posted Mar 10, 2010

China Mobile will be paying $5.8 billion for 20% of Shanghai Pudong Development Bank.  China Mobile will develop mobile e-commerce and finance businesses with Pudong as a result of the deal.  China Mobile will buy about 2.2 billion Pudong bank shares at about 18.03 yuan.  This is a discount of 13% to Pudong bank?s shares from Feb. 25. [NYT]