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BoCom targets growth in credit cards
By Zhang Fengming |
November 13, 2009, Friday
|
Print Edition
Print Edition
THE Bank of Communications targets a double-digit growth in the credit card business next year as it rides on China's strong economic recovery, a senior official of the lender said yesterday in Shanghai.
"We target a stable growth in China next year," said Vincent Chiang, chief executive officer of the bank's credit card center. But he didn't reveal a specific growth figure.
The Shanghai-based lender has issued more than 14 million credit cards so far since the middle of 2005, when the bank started the business with partner HSBC.
The two parties are awaiting regulatory approval to set up a 2.5 billion yuan (US$366 million) credit card joint venture in Shanghai, Chiang said, declining to give a timetable. BoCom will hold 80 percent of the joint venture with HSBC taking the remainder.
BoCom has also teamed up with merchants such as Bailian Group and airlines by issuing co-branded cards to attract more customers as it came into the China credit card market relatively late. The bank now occupies 9 percent of the domestic credit card market.
"We target a stable growth in China next year," said Vincent Chiang, chief executive officer of the bank's credit card center. But he didn't reveal a specific growth figure.
The Shanghai-based lender has issued more than 14 million credit cards so far since the middle of 2005, when the bank started the business with partner HSBC.
The two parties are awaiting regulatory approval to set up a 2.5 billion yuan (US$366 million) credit card joint venture in Shanghai, Chiang said, declining to give a timetable. BoCom will hold 80 percent of the joint venture with HSBC taking the remainder.
BoCom has also teamed up with merchants such as Bailian Group and airlines by issuing co-branded cards to attract more customers as it came into the China credit card market relatively late. The bank now occupies 9 percent of the domestic credit card market.
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