07 Feb '12, 9am

Citigroup to launch credit cards in China

Citigroup to launch credit cards in China

SHANGHAI: Citigroup said it has won permission to issue credit cards in China, a first for a foreign bank amid complaints regulators largely shut out overseas competitors from tapping the massive market. In a statement issued late Monday, the US-based banking giant said it had received approval to issue its credit cards from industry watchdog the China Banking Regulatory Commission. "This approval represents a significant milestone in the continued expansion of Citi's business in China," Stephen Bird, chief executive officer of Citi Asia-Pacific, said in the statement. Citigroup, which already issues debit cards in China, said the credit card approval would give it a "strong competitive edge". The Bank of East Asia, based in Hong Kong, a semi-autonomous territory under Chinese control, is the only other non-mainland Chinese firm allowed to issue credit cards in the country...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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Citigroup 1st foreign bank to launch credit cards in China

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