Citibank (China) Co Ltd (Citi) has received approval from the China Banking Regulatory Commission to launch the credit card business in China, the company announced on Monday.
The business will encompass both retail and commercial cards, and is expected to be launched sometime in 2012.
Citi and Shanghai Pudong Development Bank (SPDB) have mutually agreed that SPDB will continue to be responsible for its credit card venture, which started in 2003. Currently Citi is the fourth shareholder of SPDB, keeping 2.71 percent of shares. Cooperation between the two sides on credit card business since 2003 was viewed as a move to avoid restriction on foreign banks issuing credit cards.
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