JCBI and China CITIC Bank announce issuing partnership
Date: Mar 19, 2013
Categories: Retail Banking
Keywords: JCBI, China CITIC Bank
Tokyo, March 15th 2013 - JCB International Co, Ltd., the international operations subsidiary of JCB, the only global payment brand based in Japan, and China CITIC Bank, subsidiary of China’s government-run conglomerate CITIC (China International Trust and Investment Corporation) today announced the launch of the CITIC Magic JCB Card, the first card of their new issuing partnership. Applications for the new card are being accepted starting today.
CITIC is one of the world’s largest financial institutions, and China CITIC Bank is its core commercial bank. With a national branch network and solid merchant acquiring base, China CITIC Bank has also been expanding credit card business in recent years. The CITIC Magic JCB Card is specifically targeted to women, and provides a variety of beauty and health-related privileges such as rewards, discounts and other special offers at beauty shops, and health insurance tailored to women’s needs. Cardmembers also enjoy JCB brand services such as the JCB Plaza and JCB Plaza Lounge customer service network in 61 popular destinations worldwide, among many other travel-related services.
The JCB brand has been building a presence in China since 1982. In the early years the focus was on cultivating JCB merchant network to serve Japanese cardmembers traveling to the country, and now JCB has acquiring partnerships with 12 major financial institutions for about 150,000 merchants that accept JCB cards. Since 2005, with the growth of credit card demand, JCB has been actively entering into issuing partnerships, with major banks such as Bank of China, Bank of Shanghai, China Everbright Bank, China Merchants Bank, Shanghai Pudong Development Bank, China Minsheng Banking Corporation, Industrial and Commercial Bank of China, Pingan Bank and China Construction Bank, in addition to China CITIC Bank, for about 6.5 million JCB cardmembers living in China.
“JCB and China CITIC Bank have had a long-term relationship since our merchant acquiring partnership in 1991,” said Koremitsu Sannomiya, President & COO of JCB International. “I am confident that the launch of issuance makes our partnership even stronger, and will be capable of providing high quality services to meet the diversifying needs of consumers in China.”
Re-disseminated by The Asian Banker