Citi to launch China cash card
(3 April 2007 – China) Citigroup is shaping up to be the first foreign bank to offer cash cards in China, following the US bank’s recent incorporation into the Chinese market.
Citigroup will need sign off from China’s regulators but if approved would offer cards enabling consumers to withdraw cash from ATMs and make payments to merchants who are bank partners.
The bank currently has a network in China of 18 branches and 80 ATMS.
Citigroup said it would launch the ATM card soon pending regulatory approval.
The bank currently issues a co-branded credit card with Shanghai Pudong Development Bank, and said it would pursue this path rather than start issuing a credit card under its own brand, at least in the near future.
The bank currently has a network in China of 18 branches and 80 ATMS.
Citigroup said it would launch the ATM card soon pending regulatory approval.
The bank currently issues a co-branded credit card with Shanghai Pudong Development Bank, and said it would pursue this path rather than start issuing a credit card under its own brand, at least in the near future.
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