Alibaba Denies Minsheng Bank Stake Purchase Rumor

Shanghai Securities News, 4/13/10

Officials at Chinese e-commerce company Alibaba Group and Minsheng Bank have both denied rumors that Alibaba plans to acquire a stake in Minsheng Bank, thereby gaining additional financial qualifications for its third-party payment subsidiary Alipay.

According to an Alibaba Group official, reports that Alipay will be temporarily restricted from accessing the People's Bank of China's (PBoC) upcoming interconnected online banking system are pure speculation. The official said that the PBoC's Payment and Settlement Division directly oversees Alipay, and that Alipay is certain to receive a payment service license.

Editor's Note: For more background on this topic, please see "Rumor: PBoC to Release Banking Platform in August" MD 4/02/10 issue.

Keywords: e-commerce Internet Minsheng Bank license online banking Alipay Alibaba People's Bank of China third-party payment M&A

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