皇冠体育app

Credit Saison, BOC to form credit card tie-up
(Shenzhen Daily/Agencies)
Updated: 2005-02-16 14:05

Credit Saison Co., a major Japanese credit card company, said it would tie up with the Bank of 皇冠体育app (BOC) in offering credit card services for Japanese citizens living in 皇冠体育app.

The Bank of 皇冠体育app, one of the four big banks in 皇冠体育app, will be the issuer of the credit cards, which will enable Japanese businesspeople living in Shanghai and other parts of 皇冠体育app to settle their credit-card charges in yuan.

As Japanese people currently can only use credit cards issued in their home country, settlement is done in the Japanese yen. But the new credit cards issued by the BOC will enable yuan-denominated settlements.

Credit Saison plans to set up a new subsidiary, which will offer credit know-how and other consulting services to the BOC. Credit Saison would hold 75 percent of the new subsidiary to be capitalized at US$700,000, while trading house Mitsubishi Corp. would take 25 percent, said a Credit Saison spokesman.

As 皇冠体育app鈥檚 credit card market was expected to grow, the latest tie-up with the BOC was aimed at studying what kind of services Credit Saison would be able to offer there, the spokesman.

He said Credit Saison currently did not have any specific plans to launch credit card services in 皇冠体育app by itself.

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