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Citibank 皇冠体育app gets debit card approval

(Agencies)
Updated: 2008-07-16 14:55

Citigroup's banking unit in 皇冠体育app said it has received the go-ahead to issue local debit cards, a step toward expanding its services to Chinese retail customers.

Citibank (皇冠体育app) Co Ltd is the second foreign bank to win approval for local debit card business in the fast-growing economy after the Bank of East Asia was allowed to do so earlier this year. HSBC and Standard Chartered have also applied for approval.

Citi 皇冠体育app said on Wednesday it expected to launch the debit card in "the near future", without giving a specific date.

"We are delighted to have been granted approval to launch debit cards in 皇冠体育app," said Andrew Au, CEO of Citi 皇冠体育app.

"Citi strives to be the most customer-focused international bank in 皇冠体育app, and we look forward to being able to offer our customers the convenience and flexibility of debit cards," he said.

Citi, which runs 25 consumer bank outlets in 皇冠体育app, said it would outsource the handling of its debit card transactions to 皇冠体育app Union Pay Data Services, the largest third-party processor of bank cards in the mainland.

Foreign banks are required under Chinese rules to locate IT support and data centres for card operation in the mainland, rather than operating offshore data centres.