(Yicai Global) May 16 -- Baidu's fintech arm Duxiaoman Technology will invest another CNY450 million (USD65.4 million) in Harbin Bank Consumer Finance.
The local regulator has rubberstamped the capital increase plan, the northern commercial lender said in a statement.
The move will boost HBCF's registered capital to CNY1.5 billion (USD218.1 million) from CNY1 billion. Harbin Bank and Duxiaoman will hold 53 percent and 30 percent stakes, respectively, while independent shares controlled by third-party shareholders will total 17 percent.
The pair agreed on a strategic cooperation agreement today related to retail finance, fintech, payments and settlements, interbank finance and intelligent marketing.
The two parties will prioritize innovative products, systems and projects for each other while building a close partnership.
Set up in 2013, Baidu's fintech unit was integrated into a financial service group in 2015 and split off from Baidu as its own brand last April. It focuses on consumer finance, payments, wealth management, insurance and securities online.
Editor: William Clegg