BEA & CITIBANK APPLY FOR ISSUING DEBIT CARDS IN CHINA
AsiaInfo Services, June, 2007
AsiaInfo Services 06-07-2007 BEA & Citibank Apply for Issuing Debit Cards in China SHANGHAI, Jun 07, 2007 (SinoCast via COMTEX) -- The Bank of East Asia (BEA) and Citibank, two of the first four foreign banks approved to set up local incorporations in China mainland, took the lead of submitting application to associated regulators for issuing bankcards on June 5.
But the two want to issue debit cards only. Actually, China Banking Regulatory Commission (CBRC) has started to open the bankcard business, including debit card and credit card, to China's foreign banks with legal-person status recently, said associated officials on June 4. Standard Chartered Bank Limited (StanChart), which has also established the Chinese branch with legal person status,...
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