Using Citi-brand credit cards a reality
By Hu Xiaocen |
00:21 UTC+8 August 22, 2012
|
Print Edition
Print Edition
CITIGROUP, the third-biggest US bank by assets, launched its proprietary credit card business in Chinese mainland yesterday as the government further relaxes the financial products market.
Citibank, the global lender's unit on the mainland, received regulatory approval in February to issue the credit cards which will be denominated in yuan or US dollar and is accepted worldwide, the lender said in a statement yesterday. It will be the first US bank on the mainland to issue credit cards carrying its name.
Previously the lender issued co-branded credit cards with Shanghai Pudong Development Bank but the business ceased after Citi sold its stake in the lender in March.
China UnionPay, the nation's sole bankdcard transaction firm, will handle domestic payments while MasterCard and Visa will process global transactions, the statement said.
Citibank, the global lender's unit on the mainland, received regulatory approval in February to issue the credit cards which will be denominated in yuan or US dollar and is accepted worldwide, the lender said in a statement yesterday. It will be the first US bank on the mainland to issue credit cards carrying its name.
Previously the lender issued co-branded credit cards with Shanghai Pudong Development Bank but the business ceased after Citi sold its stake in the lender in March.
China UnionPay, the nation's sole bankdcard transaction firm, will handle domestic payments while MasterCard and Visa will process global transactions, the statement said.
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