Citibank becomes first non Asian bank allowed to issue credit cards in China
Citibank obtains the approval of China’s banking regulator to offer credit cards in their own name to local customers. February 13, 2012 | Baron LaudermilkChina’s decision to allow Citigroup to issue credit cards in their own name may be a sign of the government relaxing restrictions on foreign banks’ ability to issue credit cards in China, an issue that was raised by the U.S at the recent World Trade Organization (WTO) meeting. The China Baking Regulatory Commission’s (CBRC) approval to Citigroup comes about a week before Chinese vice president Xi Jinping, touted to be the next probable president of China, makes a trip to Washington. These high level trips typically come with a series of deal approvals giving corporations from both nations increased access to each other’s markets. Presently, China requires foreign banks to “co-brand” with Chinese banks and organizations to issue credit cards, and to makes payments through China UnionPay. Bank of East Asia, Hong Kong’s third-largest lender, was the first non-mainland issuer of credit cards in China in 2008. Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Cards, China, Retail BankingCards,China,retail, Cards,China,Retail Banking, Keywords:Citibank, CBRC, WTO, Shanghai Pudong Development Bank, HSBC, Bank Of Communications Citibank, CBRC, WTO, Shanghai Pudong Development Bank, HSBC, Bank of Communications
|