Citigroup’s (Citi) China unit has reportedly been permitted to
issue credit cards in China, becoming the only non-Asian lender in the country to
be allowed to do so.
Citi plans on launching its credit card
business in China over the course of 2012.
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Among foreign
banks, currently just the China unit of Hong-Kong Bank of East Asia
has a credit card operation on the
mainland.
Stephen Bird chief executive officer Citi
Asia Pacific said in a statement the regulatory approvals mean a
“significant milestone” in Citi’s expansion in
China – “a priority
market for Citi”.
“Our business in China continues to perform
strongly across both institutional and consumer lines and our
ability to introduce a credit and commercial card proposition adds
to our healthy growth momentum in this key market,” said Bird.
Approximately 40 foreign banks have locally
set up operations in China since 2007 but their growth has been
slow – the primary reasons being consumer bias towards local banks
and a tight regulatory environment.
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By GlobalDataCiti
currently operates 36 consumer bank braches across 13 cities in China.
