CMB expects 15 million cards in China by end '07

CMB expects 15 million cards in China by end '07
Tags: Bank / Credit Union, Debit / Credit, North America, Other
March 15, 2007

ePaynews: China Merchants Bank, China's largest credit-card issuer after entering the Chinese market five years ago, expects its credit-card total to hit 15 million by the end of 2007; that's an increase of 10 million cards in circulation since the end of 2006 for the bank. CMB earned 100 million yuan (U.S. $12.9 million) from its credit-card business in 2006, according to a Reuters report. Recent CMB credit-card launches include a co-branded card with Japan's JCB and a MasterCard issued with China Southern Airlines.