China Mobile launches financial arm

15 Aug 2011

China Mobile has set up a financial unit to manage the group’s funds more efficiently. The new department, named China Mobile Finance, will cost the company CNY5 billion (USD780 million) to initiate; China Mobile’s subsidiary Beijing Mobile will provide CNY4.6 billion, whilst the rest will come from the parent company China Mobile Communications Corporation. China Mobile Finance will create an ‘efficient funds management platform, strengthen the centralised management of internal funds and optimise the allocation of resources’; as a result, it is hoped the group will see lower expenditure and thus improve cash flow. According to TeleGeography’s GlobalComms Database, China Mobile is the largest wireless operator in the world by subscribers, with 616.8 million customers at end June 2011.

China, China Mobile, China Mobile (Shenzhen) Limited, China Mobile Communications Group (previously CMCC)