Citi aims to double credit card issuance
Print Edition
CITI aims to tap the growing consumer finance sector on China’s mainland and plans to double its credit card issuance by expanding to Hangzhou and Chengdu.
Citi plans to launch its high-end Ultimate card, which targets the country’s super rich, this year on the mainland, according to Simon Chow, head of consumer banking at Citibank China.
“We expect our credit card issuance to double this year from 2013,” he said in Shanghai yesterday, without providing exact figures.
Citi credit card users in the mainland market spend three times the market average, while their spending overseas is as much as five times the average, said Chow.
Citi was the first among foreign banks to issue sole-branded credit cards in the highly competitive market on the mainland in 2012. It currently issues credit cards in 13 cities on the mainland. It plans to expand the existing credit card sales centers to Hangzhou in June and Chengdu in July.
Other foreign banks are also competing aggressively for the Chinese consumers’ wallets.
HSBC has a co-branded credit card with the Bank of Communications, the fifth-biggest bank in the country. Germany’s Deutsche Bank co-issued a credit card with Huaxia Bank last year.
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