China Merchants Bank ties up a third of credit card market
(11 April 2006 – China) China Merchants Bank said it has secured a third of China’s credit card market, having issued five million cards in total.
The bank said it doubled the number of cards it had issued during 2005.
Gaining a clear grasp of credit card market share in China is not easy. Several weeks ago Guandong Bank said the three million cards it had issued accounted for between 20 and 30 percent market share, meaning there were roughly 10 million credit cards in circulation in China.
However, China Merchants Bank’s figure would indicate that the number is nearer 15 million credit cards.
Lack of clarity over market share can’t be helpful for foreign banks looking to invest in China but whether the figure is 10 million or 15 million credit cards, there’s still massive growth to be achieved.
"Five million cards is just the beginning for us. We have met the profitability level for the business and are now keen to expand our market share," China Merchants Bank said.
Gaining a clear grasp of credit card market share in China is not easy. Several weeks ago Guandong Bank said the three million cards it had issued accounted for between 20 and 30 percent market share, meaning there were roughly 10 million credit cards in circulation in China.
However, China Merchants Bank’s figure would indicate that the number is nearer 15 million credit cards.
Lack of clarity over market share can’t be helpful for foreign banks looking to invest in China but whether the figure is 10 million or 15 million credit cards, there’s still massive growth to be achieved.
"Five million cards is just the beginning for us. We have met the profitability level for the business and are now keen to expand our market share," China Merchants Bank said.