HONG KONG (Dow Jones)--China Mobile Ltd. (CHL) said Wednesday it agreed to buy a 20% stake in Shanghai Pudong Development Bank Co. (600000.SH) for CNY39.80 billion (US$5.83 billion), as the mobile operator seeks to expand into mobile financial services.
China Mobile joins telecommunications operators in Japan and South Korea that have agreements with banks to offer payment services via cellphones as a way to generate additional revenue.
