China Mobile Makes Strategic Move For M-Commerce Services
By Babar Bhatti | March 11, 2010 | No Comments
It looks like e-wallets and mobile commerce are on top of agenda for large telecom companies. China Mobile agreed to buy 20 percent of Shanghai Pudong Development Bank for 39.8 billion renminbi ($5.8 billion) to expand its electronic payment business.
China Mobile wouldn’t be alone in investing in financial firms. South Korea’s SK Telecom Co. last year agreed to buy a stake in Hana Financial Group Inc.’s credit-card unit for 400 billion won ($349 million), while Globe Telecom Inc. in the Philippines agreed to buy 40 percent of BPI-Globe BanKO Savings Bank in 2008. Nokia, the world’s biggest maker of mobile phones, last year bought a minority stake in Obopay, a supplier of mobile banking services in the U.S. and India.
China Mobile Chairman Wang Jianzhou said that “this investment is an extension of our core telecom business. We see big growth potential in the profitability of the mobile financial business.”
Mr. Wang added that he expects the deal to boost the company’s earnings per share by 2% once completed.
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