Citi ups the credit in China

Citi wins approval to launch credit cards in China under its own bank brand.

Citi ups the credit in China

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...

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