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Citic Bank eyes 20% credit card increase this year
By Zhang Fengming |
July 29, 2011, Friday
|
Online Edition
Online Edition
CHINA Citic Bank aims to increase its credit card circulation by 20 percent this year as the bank tries to deepen its market penetration.
Citic Bank plans to issue 2 million to 2.5 million new cards this year, Chen Jing, head of the credit card department of the bank, told Shanghai Daily.
"We are targeting three groups of customers – nouveau-riches, wealthy people, and high-net-worth individuals," Chen said.
The bank has teamed up with China Eastern Airlines to issue co-branded credit cards to target high-net-worth individuals who are frequent fliers and main profit contributors.
The bank has around 10.5 million credit cards in circulation at the end of 2010, he said.
The bank started issuing credit cards in 2003 to cash in on the country's growing crop of wealthy people.
Credit cards are expected to be the second most lucrative retail credit business for lenders by 2013, after individual mortgages, said McKinsey & Co in an earlier report.
China had issued more than 242 million credit cards by the end of March, an annual rise of 25.7 percent. There were also 2.6 billion bank cards in circulation at the end of March, an annual growth of 18 percent.
China is encouraging the use of credit cards to power domestic consumption. Lenders are expanding their credit card business because they regard it as a new cash cow.
Citic Bank plans to issue 2 million to 2.5 million new cards this year, Chen Jing, head of the credit card department of the bank, told Shanghai Daily.
"We are targeting three groups of customers – nouveau-riches, wealthy people, and high-net-worth individuals," Chen said.
The bank has teamed up with China Eastern Airlines to issue co-branded credit cards to target high-net-worth individuals who are frequent fliers and main profit contributors.
The bank has around 10.5 million credit cards in circulation at the end of 2010, he said.
The bank started issuing credit cards in 2003 to cash in on the country's growing crop of wealthy people.
Credit cards are expected to be the second most lucrative retail credit business for lenders by 2013, after individual mortgages, said McKinsey & Co in an earlier report.
China had issued more than 242 million credit cards by the end of March, an annual rise of 25.7 percent. There were also 2.6 billion bank cards in circulation at the end of March, an annual growth of 18 percent.
China is encouraging the use of credit cards to power domestic consumption. Lenders are expanding their credit card business because they regard it as a new cash cow.
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