HSBC in Credit Card Venture With Chinese Bank

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003395-hsbc-in-credit-card-venture-with-chinese-/

SHANGHAI, China – British bank HSBC Holdings PLC will tie up with Bank of Communications, China’s fifth-largest lender, to issue credit and debit cards in China, the Chinese bank said Wednesday.

HSBC will hold a 49 percent stake in the joint venture, with the remaining 51 percent to be held by the Bank of Communications, an executive at the Shanghai-based bank said.

HSBC will manage the venture, which will handle all of the Bank of Communications’ card operations, said the executive, who refused to be named.

Foreign banks in China are banned from issuing any type of card on their own, but can do so with a Chinese partner. Earlier this year, Citigroup Inc.’s name appeared for the first time on a card issued by its local partner, Shanghai Pudong Development Bank.

For this complete story, please visit HSBC in Credit Card Venture With Chinese Bank.

HSBC in Credit Card Venture With Chinese Bank

Unknown Author

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