China Mobile Looking for a Bank Acquisition in Pakistan

China Mobile is looking into options for acquiring a bank in Pakistan, to capture long term mobile financing potential in the market, told us highly reliable source in Ministry.
For the purpose a China Mobile Communication Corporation delegation, headed by Chairman CMCC Wang Jianzhou is visiting Pakistan. It has met several key personals including Governor State Bank of Pakistan, Sardar Latif Khosa, Advisor to PM for IT & Telecom and Chairman PTA.
China Mobile has expressed its seriousness about Mobile Banking in Pakistan in the past; however, this activity marks as the starting point for the execution of China Mobiles plan for jumping into financial services.
We know that Orascom has been putting efforts to get a bank in Pakistan, for almost similar reasons; however, it has taken longer than enough time to close any deal.
It merits mentioning here that China Mobile has recently invested $ 5.8 billion in Shanghai bank. Through this deal, China Mobile will be able to offer mobile finance and mobile e-commerce businesses encompassing mobile phone payments, mobile bank cards and mobile funds transfers.

China Mobile to Invest $300 Million, Biggest Single Investment in 2010

China Mobile will invest US $300 million in Pakistan in 2010 which is the largest investment by any telecom operator in the current year.
This was revealed by Mr. Wang Jianzhou, Chairman of China Mobile Communications Corporation who is visiting Pakistan with CMCC’s delegation. The delegation has met several government dignitaries.
ZONG has so far invested US $1.66 billion in Pakistan and has generated more than 1700 direct and over 40,000 indirect jobs in the country. This investment has been made in less than two years since its launch and China Mobile is expected to invest more in the country in the years to come as the company has chalked out more future investment plans.
China Mobile, which has made the largest investment among all Chinese investments in Pakistan, also has the distinction of being the only offshore company operating in Pakistan which has invested more than US $ 721 million in Foreign Direct Investment so far in the current year.
ZONG now stands third in terms of number of base stations and the Company has established more than 5000 cell sites in Pakistan showing rapid growth.
ZONG is China Mobile’s first venture outside of China and has attracted attention not only in the global cellular arena but also with the international finance experts and investment houses. China Mobile has made the largest investment among all the Chinese investments in Pakistan and is considered an emissary of friendship between Pakistan and China.
The Company continues to invest heavily in the construction of GSM networks, support systems and transmission facilities, and for the development of new technologies and new businesses. China Mobile pursues continuous innovation in the provision of services, business, technology and management and has sustained a leadership position in the telecom industry.