HSBC plans card expansion in China

HSBC plans card expansion in China
Tags: Asia, Australia & Pacific, Bank / Credit Union, Debit / Credit, North America, Other
March 15, 2007

ePaynews: HSBC says it plans to issue at least 1.2 million new credit cards this year in mainland China. The cards will be issued jointly by HSBC and Bank of Communications, HSBC's mainland Chinese banking partner. HSBC and Bank of Communications have reportedly issued more than 2 million credit cards in China, and HSBC is holding discussions with the Chinese government to obtain approval to increase its 19.9-percent stake in Bank of Communications, he said. Incorporation will allow the two foreign banks to offer a range of retail-banking services in China, including ATM cards and credit cards.