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Updated Thursday, March 11, 2010 11:01 am TWN, Bloomberg

China Mobile to buy 20% of Shanghai Pudong Bank

BEIJING -- China Mobile Ltd., the world's biggest phone company by market value, agreed to buy 20 percent of Shanghai Pudong Development Bank Co. for 39.8 billion yuan (US$5.8 billion) to expand its electronic payment business. The carrier's Guangdong Mobile unit plans to buy 2.21 billion China-listed shares for 18.03 yuan apiece, according to a statement to the Hong Kong stock exchange Wednesday.

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