The Hongkong and Shanghai Banking Corporation Limited (HSBC) and
the Bank of Shanghai jointly launched the Shanghai International
Credit Card in Shanghai on Friday.
The credit card will be issued by the Bank of Shanghai and carry
both the logos of HSBC and the Bank of Shanghai, an HSBC
spokesperson said.
The credit card enables Chinese mainland customers to make
purchases worldwide and settle their payments in renminbi
through a Bank of Shanghai account, the spokesperson added.
Holders of the Shanghai International Credit Card will be able
to make overseas purchases anywhere in the world where Visa credit
cards are accepted.
Cardholders will also be able to enjoy a range of privileged
offers from selected merchants in Hong Kong participating in HSBC
card campaigns.
"The successful launch of the Shanghai International Credit Card
marks a new milestone in our co-operation since HSBC became a
shareholder of the Bank of Shanghai in 2001," said Dicky Yip, chief
executive of China Business at HSBC.
"By tapping the Bank of Shanghai's local operations and HSBC's
international expertise, we are able to offer customers value-added
banking services," Yip said.
Fu Jianhua, president of the Bank of Shanghai, said the jointly
presented credit card will bring greater convenience to cardholders
traveling overseas, particularly between the two cities of Shanghai
and Hong Kong.
"It will, no doubt, help enhance the economic exchange and
integration of Shanghai and Hong Kong," Fu said.
On Wednesday, the Shanghai Pudong Development Bank said it
received approval from the People's Bank of China, the China
Banking Regulatory Commission (CBRC), and other related
institutions to issue a dual currency credit card nationwide in
co-operation with Citibank NA, a subsidiary of Citigroup -- the
world's largest credit card issuer and financial institution.
The new credit card will be the first to be issued with foreign
bank management and technology that can be settled both in
renminbi and US dollars.
It will be distributed first in Shanghai and later in China's
major metropolitan areas through Shanghai Pudong Development Bank's
network of 290 branches spread across the country.
Jin Yun, vice-chairman and president of the Shanghai Pudong
Development Bank, said the launch of the new card is a major step
forward in the co-operation between the Shanghai Pudong Development
Bank and Citigroup after their strategic alliance agreement was
signed at the end of 2002.
"The issuance of the card reflects both Citigroup's confidence
in the market and our focus on bringing the best products and
services to our customers in China," said Richard Stanley,
Citigroup country officer with Citigroup China.
(China Daily January 3, 2004)