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Citic and Baidu Seek Up to $1 Billion for Online Bank
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Citic and Baidu Seek Up to $1 Billion for Online Bank
Traditional lenders have been cutting staff and downsizing their branch network amid competition from online payment giants such as Alibaba Group Holding Ltd. affiliate Ant Financial and Tencent Holdings Ltd. More banking transactions in China are now completed outside brick-and-mortar branches. A representative for Baidu declined to comment.
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