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Citigroup wins consent to offer credit cards in China
THE CHINESE arm of Citigroup announced yesterday that it has won regulatory approval to issue credit cards in mainland China, becoming the first non-Asian bank to receive permission.
Citi, which has branches in 13 cities, said it would likely launch credit card operations this year.
“This approval represents a significant milestone in the continued expansion of Citi’s business in China, a priority market for Citi,” said Citi Asia Pacific chief executive Stephen Bird.
Citi had about 16m cards in Asia at the end of 2011, according to company figures. The move also comes after the bank signed an agreement with Shanghai-based Orient Securities in June to launch a securities joint venture in the country.