SHANGHAI—Citigroup Inc. said it will issue credit cards on its own in China, as it looks to capitalize on the country's increasing consumption as well as to expand in the world's second-largest economy.
The U.S. bank, which already has co-branded credit cards with Shanghai Pudong Development Bank Co., said Monday it had won approval from China's banking regulator to offer credit cards to its local customers, becoming the first global bank to get such a go-ahead. At the moment, Hong Kong's Bank of East Asia is the only non-China bank that offers credit cards on its own in China.
The ...
SHANGHAI—Citigroup Inc. said it will issue credit cards on its own in China, as it looks to capitalize on the country's increasing consumption as well as to expand in the world's second-largest economy.
The U.S. bank, which already has co-branded credit cards with Shanghai Pudong Development Bank Co., said Monday it had won approval from China's banking regulator to offer credit cards to its local customers, becoming the first global bank to get such a go-ahead. At the moment, Hong Kong's Bank of East Asia is the only non-China bank that offers credit cards on its own in China.
The ...
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