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Citibank issues sole-branded credit cards in China
By Hu Xiaocen |
August 21, 2012, Tuesday
|
Online Edition
Online Edition
CITIBANK, the third largest bank in the United States by assets, launched its sole-branded credit card in China today as Beijing loosened financial product restriction to encourage foreign lenders' business in the country.
Citibank received regulatory approval for credit card issuance in February and became the first US bank to launch sole-branded credit cards in China.
The lender issued co-branding cards with Shanghai Pudong Development Bank earlier, and their joint card business ceased after Citi sold all its interest in the Chinese bank in March.
The sole-branded card launched today is denominated in Chinese yuan or US dollar and is accepted worldwide, Citi said in a statement today.
China UnionPay, the nation's sole bankcard transaction company, will handle the card's domestic payments, while MasterCard and Visa will process the international transactions, according to the statement.
Bank of East Asia, Hong Kong's third largest lender, became the first non-domestic issuer of credit cards in 2008.
Citibank received regulatory approval for credit card issuance in February and became the first US bank to launch sole-branded credit cards in China.
The lender issued co-branding cards with Shanghai Pudong Development Bank earlier, and their joint card business ceased after Citi sold all its interest in the Chinese bank in March.
The sole-branded card launched today is denominated in Chinese yuan or US dollar and is accepted worldwide, Citi said in a statement today.
China UnionPay, the nation's sole bankcard transaction company, will handle the card's domestic payments, while MasterCard and Visa will process the international transactions, according to the statement.
Bank of East Asia, Hong Kong's third largest lender, became the first non-domestic issuer of credit cards in 2008.
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