Baidu, CITIC cement partnership

Search giant plans to offer online financial services through its new unit

Baidu Inc, the country's biggest online search firm, is set to enter the private banking sector by teaming up with a local bank.

China CITIC Bank Corp Ltd confirmed on Tuesday that it will partner with the Beijing-based Baidu to set up a direct bank, which is a bank without any branch network and one that offers services mostly online.