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HSBC launching cards in the Middle Kingdom

HSBC launching cards in the Middle Kingdom

(China) - HSBC is looking to extend its profitable credit card business, into mainland China during the 2nd half of 2002. The Bank has decided to start issuing foreign currency products, including credit cards, to individuals this year immediately regulations are finalised by mainland authorities. Foreign banks, currently prohibited from conducting yuan business with Chinese firms or individuals, have been anxious to exploit the savings potential of China's 1.3 billion population as the country gradually opens its banking environment.

Post China's entry to the World Trade Organisation, foreign banks will be allowed to conduct yuan business with Chinese firms two years from now and with individual Chinese in five years.

HSBC is reportedly looking to get 8,000 - 10,000 customers monthly following its launch.

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