China Mobile, the world's largest mobile carrier, said on Thursday that it had signed an agreement of cooperation with the Shanghai Pudong Development Bank (SPDB) in areas of mobile finance and mobile e-commerce.
The two companies will also cooperate in mobile phone on-site and remote payment, as well as in sharing customer services and channels resources, according to the statements the two companies delivered to Hong Kong and Shanghai bourses.
China Mobile said in March that Guangdong Mobile, its branch in south China's Guangdong Province, would pay 39.5 billion yuan (5.93 billion U.S. dollars) for a 20 percent stake in the SPDB.
The share purchase was completed in October, making China Mobile the second largest shareholder of the SPDB.
China Mobile had 575 million mobile phone subscribers as of the end of October, while SPDB owned 565 outlets nationwide at the end of June.
Share prices of China Mobile edged up 0.71 percent to 78.1 Hong Kong dollars on Thursday while SPDB gained 1.64 percent to reach 13 yuan on the Shanghai bourse.
