Latest News:  


Citibank vows to boost local credit card business

By Wang Xiaotian in Hangzhou  (China Daily)

11:20, March 01, 2013

Citigroup Inc, the New York-based financial giant, will make development of its credit business a top priority in the Chinese market this year.

Andrew Au, CEO of Citi (China) Co Ltd, said on Thursday that the performance of Citibank's credit card business, which was kicked off in September, has been "satisfactory", and the lender will continue its investment in the sector.

Simon Chow, head of Citi China's consumer banking unit, said this year it will open two credit card sales centers - in Chengdu, Sichuan province, and Hangzhou, Zhejiang province - while developing one or two new types of cards.

"The credit card business has been growing at a faster-than-expected pace, and we will put more staff into it," he said.

Chow said the bank expects to establish broad strategic partnerships with merchants and improve customer service this year.

He said that Citi also plans to start working with some major online payment companies, but declined to elaborate.

The recent central government move to reduce the interchange fee - the sum that merchants pay to banks and credit card processors for accepting credit cards - will hit the market greatly, but won't hurt Citi as much as its Chinese counterparts, Chow said.

"We focused on merchants such as hotels, traveling and shopping businesses, which would be less affected than the wholesale sector. In addition, a large percentage of purchases made by our credit cards take place abroad, and overseas interchange fees are usually triple the fees in China," he said.

On Monday, banks in China started to implement new standards of interchange fees set by the National Development and Reform Commission.

【1】 【2】

We recommend:

IKEA: Meatballs in China supplied by Fujian factory

Jet-set life takes off for country's super-rich

Taking a bite out of the market for snakes

Ratings agency warns about rising debt

Holiday firework sales fail to boom

4G network to lead the world

Email|Print|Comments(Editor:MaXi、Liang Jun)

Leave your comment0 comments

  1. Name


Selections for you

  1. Special operation members in shooting

  2. Chinese peacekeeping engineer detachment

  3. Israeli troops arrest 3 Palestinian protesters

  4. Sand, haze pollute Beijing’s air

  5. Photo story: Arriving in Beijing

  6. Lantern Festival in women's prison

  7. Planting seeds for a dance revolution

  8. The most weird festivals in the world

  9. Easier entry to grid may charge

  10. Media Markt to shut down all city stores

Most Popular


  1. Paulson: Urbanization key to China's development
  2. Prevent Xiqu from being lost in translation
  3. Housing still on unsustainable path
  4. Property market so far so good
  5. Park Geun-hye's road will be tough
  6. China reserves right to appeal WTO ruling
  7. SOEs must act to avoid PR disaster
  8. Mainland hails Lien Chan's visit
  9. Party mulls personnel, govt reshuffles
  10. China must brace for impact of possible EU-US FTA

What’s happening in China

Village teacher with his back basket

  1. PM2.5 will disappear, in name that is
  2. Shanghai restauranteurs jailed over gutter oil
  3. Beijing raises taxi fuel surcharge
  4. Strong voice of the farmers
  5. More Chinese cities ready for property tax pilots