China Minsheng, Alibaba to cooperate in banking services

HONG KONG, Sept 16 Mon Sep 16, 2013 12:28am EDT

HONG KONG, Sept 16 (Reuters) - China Minsheng Banking Corp Ltd , the country's seventh-largest listed bank, said on Monday that it has signed a strategic tie-up with e-commerce giant Alibaba Group Holding Ltd to cooperate in banking services.

The services include wealth management, credit card, direct banking and information technology, Minsheng said in a securities filing with the Hong Kong stock exchange.

Alibaba has already started lending to small- and medium-companies in China, though that business accounts for only a fraction of the group's core operations.

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