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October 29, 2009

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Home » Business » Finance

Banks Plan Joint Card Firm

HSBC Holdings and the Bank of Communications plan to transfer their joint credit card activities in China into a new company to tap into expected strong growth in the world's most populous country.

The proposed joint venture, provisionally named Bank of Communications & HSBC Pacific Credit Card Co, is expected to have an initial registered capital of 2.5 billion yuan (US$366 million).

BoCom will inject 2 billion yuan for an 80 percent stake in the joint venture, while HSBC will pay 1.16 billion yuan for its 20 percent interest in the share capital, the two sides said.


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