Banks fight back in the consumer finance market

China's commercial banks are fighting back to retain their share of the consumer finance market as competition from peers and non-banks intensifies. Their new resolve is on display in promotions aimed at cashing in on public holidays.

For instance, the coming week-long National Day-related shutdown in October has prompted Bank of China Ltd, the country's fourth largest commercial lender by assets, to launch new discount deals and cash rebates.

Till Oct 31, holders of BOC credit cards co-branded with UnionPay, Visa or MasterCard can receive a 10 percent discount on transactions worth up to 5,000 yuan ($750) at offline merchants overseas, subject to a maximum discount of 800 yuan per card. Each cardholder is allowed to participate in the scheme once a month.