Citibank issues first sole-branded credit card in China

MANILA, Philippines - Citibank has scored a breakthrough in Asia as it issued the first sole-branded credit card in mainland China.

Citi Asia Pacific chief executive officer Stephen Bird pointed out that the US financial giant was the first international bank to enter the retail banking market in China in 2002 and is deeply committed to pursuing growth across multiple areas in the world’s second largest economy.

“We are delighted to be once again breaking new ground in what is one of our most important markets globally,” Bird said in a statement sent to The STAR.

Citi’s credit card will be accepted both in China and worldwide, available as a renminbi-denominated and dollar-denominated card. China UnionPay is Citi’s partner for cards used within China, while MasterCard and Visa are its partners for the cards used internationally.

Citibank is the largest credit card issuer in the world. In the Philippines, it controls a 20-percent market share.

Citi officials said that the launch of the first sole branded card business signifies the bank’s aggressiveness in expanding its customer base in China and the entire region.

Citi’s card business in China includes both a retail card and a commercial card offering. In the retail category, a number of distinct card types are available to consumers, each designed around the customer’s needs, lifestyle and financial position.

In the Philippines, Citibank has issued a total of 15 credit cards, the largest pool of credit card variants. In the pipeline this year is the introduction of a debit card.

The newest offering in its card line is the Citibank Rewards Card, which offers a year-round exclusive offer, including free movie passes, shopping rebates and annual fee waivers.

Citibank is the largest credit card issuer in Asia Pacific with over 16 million card accounts and $20 billion in receivables.