CITIBANK STAVES OFF CHINA'S REGULATIONS WITH FINANCIAL INNOVATIONS
AsiaInfo Services, April, 2003
AsiaInfo Services 04-25-2003 Citibank Staves off China's Regulations with Financial Innovations SHANGHAI, Apr 25, 2003 (SinoCast via COMTEX) -- On April 22, Citibank revealed that Citibank International has already obtained approval from the People's Bank of China to establish a cooperative credit card center in cooperation with Shanghai Pudong Development Bank (SPDB). The two partners have embarked on the preparations for the establishment of the center.
Meanwhile, the People's Bank of China is still examining and reviewing the application from the two banks to issue SPDB-Citibank credit cards. The two partners expect to obtain approval to issue the cooperative credit cards in July. The board of directors of SPDB has also confirmed the news and said that the...
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