7 Feb, 2012
Eastday-Citi eyes expansion in label business on a mainland
CITIBANK (China) Co Ltd said yesterday that it has perceived regulatory
approval to launch a credit label business in the Chinese mainland.
The immature light from the China Banking Regulatory Commission allows the
US-based banking hulk to serve dig the domestic sell banking market.
The cards will be released this year.
”This capitulation represents a poignant miracle in the continued expansion
of Citi’s business in China’s mainland, a priority marketplace for Citi,” said
Stephen Bird, CEO of Citi Asia Pacific.
As unfamiliar banks were formerly not authorised to emanate credit cards in the
mainland on their own, the US bank teamed adult with Shanghai Pudong Development
Bank to emanate co-branded credit cards since 2003.
Citi will now concentration on building adult its new credit label business while Pudong
Development will take caring of the existent label business. The dual banks remain
close vital partners, Citi said.
The US bank is beefing adult its mainland business after its operations were hit
by the 2008 tellurian financial crisis.
The capitulation follows an progressing one for Citi to form a joint-venture
brokerage with Orient Securities Co Ltd. In 2011, Citi stretched to 3 other
cities on the mainland and non-stop 12 new consumer banking
outlets.
