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Citi Consolidates Credit Cards Channel In China
Henry Chambers
16 October 2012
Citi will become the first international bank to issue commercial credit cards in China, supplementing the three retail credit card accounts it launched in September. The cards will be available Renminbi-denominated through China UnionPay, and US Dollar-Denominated through Visa and MasterCard.
It is the first global bank that has been given permission to produce cards for China independently. Manish Kohli, Citi’s global head of commercial cards, said, “ growth across multiple businesses.” In 2002 it was the first international bank to be allowed access to China’s retail banking market.
As of the second quarter of 2012, Citi Transactional Services, the part of the bank which holds the cards business, held over US$ 12 trillion in assets under custody. It averages over US$3 trillion worldwide transactions everyday.