Baidu-led partnership applies for China banking licence -CEO

BEIJING, March 7 Fri Mar 7, 2014 5:05am EST

BEIJING, March 7 (Reuters) - China's Baidu Inc, the country's biggest search engine, has formed a partnership to apply for a private banking license, Robin Li, Baidu's chief executive, said on the sidelines of China's annual parliament on Friday.

"Of the businesses the Internet will topple they naturally include finance," Li told a group of reporters.

"Baidu is now applying for multiple banking licences, including payment, but because we're still in the process of applying it's not convenient to reveal too much," said Li.