![]() |
| |||||
|
BIZCHINA / News |
Citic Bank sees gold in credit card business(Shanghai Daily)Updated: 2007-06-08 14:15 China Citic Bank plans to more than triple its credit cards by 2010 as a result of consumers' growing demand for plastic. The bank is targeting 10 million credit cards in the period, Jeffrey Chen, president of the lender's credit card center, said on the sidelines of a banking conference held by the Asian Banker magazine yesterday.
Market competition is fierce, and the bank will seek multiple channels for issuing credit cards, he said. Citic Bank is not alone in its big ambition to grow bigger in China's nascent but lucrative credit card market. China Merchants Bank has already issued more than 12
million credit cards. The Industrial an ICBC expects to issue about 10 million new cards this year, compared with 10.46 million last year, said Li Weiping, president of the Beijing-based bank's card center. Overseas rivals including the Bank of East Asia and Standard Chartered Bank also noted they are interested in issuing yuan-backed cards. Credit cards will become the most important consumer credit product after mortgages, with profit forecast to reach US$1.6 billion by 2013, accounting for 22 percent of total consumer credit profits. (For more biz stories, please visit Industry Updates)
|
Copyright 1995-2007. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. | ||
Note: Browsers with 1024*768 or higher resolution are suggested for this site. |
Registration Number: 20100000002731 | ![]() |