(9 March 2016 – Singapore) HSBC winning approval to commence a credit-card business in China's US$1 trillion (A$1.35 billion) market provides the bank’s CEO, Stuart Gulliver an addition avenue in the country’s lucrative retail banking and wealth-management industries.
HSBC will join foreign banks, Citigroup and Bank of East Asia as the only credit-card issuers in the country. The approval from Chinese authorities followed an end to the bank’s relationship with Bank of Communications Co., HSBC’s Asia- Pacific head Peter Wong said last week.
Wong did not elaborate on the specifics of the bid, not a timeline for the roll out.
He added that while the bank has ended its card venture with Bank of Communications, it intends to retain its 19 percent stake in the Chinese lender.
“We still have a lot of other initiatives” with Bank of Communications,” Wong said.
“We have a very good relationship.”