Baidu, Citic Bank to Double AiBank's Share Capital to USD4 Billion
Song Yikang
/SOURCE : Yicai
Baidu, Citic Bank to Double AiBank's Share Capital to USD4 Billion

(Yicai Global) March 27 -- Citic aiBank Corp., China's first direct bank operating as an independent legal entity, plans to raise CNY2 billion (USD317 million) in a new share issue to its joint venture owners China Citic Bank Corp. and Baidu Inc., the country's largest online search provider.

The two backers plan to match their original investments, with Citic Bank buying 1.4 billion shares and Baidu 600 million at CNY1 (USD0.16) apiece, doubling Citic aiBank's registered capital to CNY4 billion, Beijing-based Citic Bank said in a statement yesterday.

AiBank will focus on intelligence in finance and set up smart accounts, risk control and services to improve upon weaknesses in traditional banking services and unexplored business areas, said President Li Rudong. Opened in November, the bank covers a range of sectors from health and medicine to automotive and entertainment.

Citic will continue to strengthen its plans in fintech and increase investment in science and technology to find new applications of cutting-edge technologies in such areas as intelligent transactions and investment consulting, the statement added.

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Keywords: CITIC BANK , Baidu , AiBank