Citi announced yesterday that it has received approval from the China Banking Regulatory Commission to launch a credit card business in China, making it the first Western bank allowed to issue credit cards in mainland China under its own bank brand. Other multinational banks have co-branded deals, but haven’t been able to go the full monty.
The business will encompass both retail and commercial cards, and is expected to be launched sometime in 2012. “This approval represents a significant milestone in the continued expansion of Citi’s business in China,” said Stephen Bird, chief executive officer of Citi in Asia-Pacific. “Our business in China continues to perform strongly across both institutional...
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