OCBC aims to tap market for yuan cards
By Zhang Fengming |
December 10, 2009, Thursday
|
Print Edition
Print Edition
SINGAPORE'S OCBC Bank plans to issue yuan-backed debit cards this year and is also considering the issue of yuan credit cards as early as 2010, a senior official of the lender said.
The bank will deepen its roots in the personal banking sector in China and has earmarked the bank card business as the next step, said Hsung Kim Har, head of business implementation, consumer financial services of OCBC Bank (China) Ltd, yesterday in Shanghai.
The bank has already started offering yuan deposits, personal lending and personal wealth management products.
Overseas banks, including HSBC, Citigroup and Bank of East Asia, have issued yuan-backed bank cards to reach the rising number of affluent people in China.
Credit cards are expected to be the second most profitable personal financial product after individual mortgages for banks by 2013, according to McKinsey&Co.
The Singapore bank started operations as a locally incorporated entity in Shanghai in August 2007 with a registered capital of 3.5 billion yuan (US$500 million).
It is the second Singapore bank, after DBS, to be locally incorporated in Shanghai and followed overseas rivals like Citi and HSBC.
OCBC said earlier it plans to increase its branches to 20 by 2010 from five outlets now.
The bank will raise its head count in China to 1,000 from more than 400 employees as its business expands.
The bank will deepen its roots in the personal banking sector in China and has earmarked the bank card business as the next step, said Hsung Kim Har, head of business implementation, consumer financial services of OCBC Bank (China) Ltd, yesterday in Shanghai.
The bank has already started offering yuan deposits, personal lending and personal wealth management products.
Overseas banks, including HSBC, Citigroup and Bank of East Asia, have issued yuan-backed bank cards to reach the rising number of affluent people in China.
Credit cards are expected to be the second most profitable personal financial product after individual mortgages for banks by 2013, according to McKinsey&Co.
The Singapore bank started operations as a locally incorporated entity in Shanghai in August 2007 with a registered capital of 3.5 billion yuan (US$500 million).
It is the second Singapore bank, after DBS, to be locally incorporated in Shanghai and followed overseas rivals like Citi and HSBC.
OCBC said earlier it plans to increase its branches to 20 by 2010 from five outlets now.
The bank will raise its head count in China to 1,000 from more than 400 employees as its business expands.
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