China Mobile, the world's biggest mobile phone carrier by users, may buy equity stakes in the country's biggest commercial bank ICBC, in a move encouraged by the country's top State asset watchdog, people with knowledge of the matter said.

"State-owned Assets Supervision and Administration Commission (SASAC) is pushing China Mobile to buy stakes in the Industrial and Commercial Bank of China, but the discussion is still in the early stages," the person said.

It will be the parent company of Hong Kong-listed China Mobile that will take part in the deal, the person said. "But how large a stake SASAC wants China Mobile to buy in ICBC is unclear," the person said.