Closer Look: Baidu Joins Other Internet Giants to Open a Bank

(Beijing) – Baidu Inc., China's top search engine company, announced on November 18 it is teaming up with China Citic Bank to set up a banking venture and will apply to the regulator for a direct banking license.

Baidu is the last of the country's three Internet giants known as the BAT – the others are Ant Financial Services Group, which is affiliated to Alibaba Group Holding Ltd., and Tencent Holdings Ltd. – to enter the banking sector.