Baidu-led partnership applies for China banking license: CEO

Reuters News
Posted: Mar 07, 2014 5:08 AM

BEIJING (Reuters) - China's Baidu Inc, the country's biggest search engine, has formed a partnership to apply for a private banking license, Robin Li, Baidu's chief executive, said on the sidelines of China's annual parliament on Friday.

"Of the businesses the Internet will topple they naturally include finance," Li told a group of reporters.

"Baidu is now applying for multiple banking licenses, including payment, but because we're still in the process of applying it's not convenient to reveal too much," said Li.

(Reporting by Xie Heng and Paul Carsten; Editing by Christopher Cushing)