By Joanne Chiu

China Citic Bank Corp.'s (0998.HK) board has approved a plan to set up an online banking service with Chinese Internet search giant Baidu Inc. (BIDU) with a proposed registered capital of 2 billion yuan ($314.8 million).

The Chinese lender said Wednesday it plans to set up a direct bank called Baixin Bank Co. with Fujian Baidu Bo Rui Netcom Science and Technology Co., a unit of Baidu. The Chinese bank will hold a majority stake in the direct bank, which will offer investment products and lending services to customers online.

Separately, the board of China Citic Bank also approved a plan to set up China Citic Bank Asset Management Corp. with a proposed registered capital of CNY2.0 billion. The plan is awaiting regulatory approval.

Trade in shares of China Citic Bank, which halted Monday, will resume Wednesday.

Write to Joanne Chiu at joanne.chiu@wsj.com

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(END) Dow Jones Newswires

November 17, 2015 19:41 ET (00:41 GMT)

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