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  • July 31, 2014
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  1. BEA banks on steady credit card growth

    Posted Dec 24th 2008, 12:00am by Staff Reporter

    ... Daniel Ren in Shanghai Bank of East Asia, Hong Kong's fifth-largest lender, expects that its new credit card business on the mainland will not make a profit in the next four to five years as it takes a go-slow stance in the consumer loan sector. The bank yesterday became the first overseas lender to issue its own yuan-denominated credit cards on the mainland in a major move ...

  2. ICBC buys parent's credit-card assets

    Posted Feb 23rd 2006, 12:00am by Staff Reporter

    ... Maria Chan ICBC (Asia) has agreed to buy its parent firm's credit-card operations for $56.24 million in a bid to boost its retail banking business. ICBC (Asia), the Hong Kong unit of the mainland's largest lender, said it would acquire 105,000 credit cards with total receivables of $55 million from the Industrial and Commercial Bank of China. Stanley Wong Yuen-fai, a director ...

  3. HK may allow yuan credit cards

    Posted Nov 04th 2003, 12:00am by Christine Chan

    ... Christine Chan Local and Guangdong banking regulators will discuss ways to clear offshore currency stockpiles A pilot scheme to allow mainlanders to use yuan credit cards to pay for purchases in Hong Kong is likely to top the agenda of a meeting between Hong Kong and Guangdong banking regulators this month. The proposed use of yuan credit cards in Hong Kong figures highly ...

  4. BOC plans credit card joint venture

    Posted May 05th 2006, 12:00am by Staff Reporter

    ... investor Royal Bank Scotland to tap the nation's rapid growth in credit cards. The Beijing-based state lender would own 51 per cent of the joint venture with Royal Bank of Scotland holding ... consumer banking, a business previously overlooked by state-controlled lenders who lean towards corporate clients. Credit cards are already China's fastest-growing consumer credit product, ...

  5. Ping An to distribute credit cards through Shenzhen lender

    Posted Aug 17th 2006, 12:00am by Staff Reporter

    ... Bei Hu Ping An Insurance (Group), the mainland's second-largest insurance company, plans to distribute credit cards through its newly-acquired Shenzhen Commercial Bank as early ... removing two key hurdles to securing regulatory approval to expand to other cities. The bank, with about 1.5 million retail customers, is licensed to issue credit cards but has yet to do so. Buying ...

  6. Card game

    Posted May 19th 2007, 12:00am by Staff Reporter

    ... Maria Chan Card spending in Hong Kong and Macau by mainland visitors rose 70 per cent in the first quarter, according to Wan Jianhua, the president of China UnionPay. Mr Wan (right) joined HSBC executive director Peter Wong Tung-shun at the launch of HSBC's new ATM card yesterday. UnionPay, a provider of payment networks, reported spending of HK$8.9 billion with its cards ...

  7. ICBC fees yield surges amid credit squeeze

    Posted Feb 02nd 2008, 12:00am by Staff Reporter

    ... business income, driven by mutual fund distribution, custodian services and credit cards, was a 'breakthrough', the lender said in a statement previewing its full-year results yesterday. ... profit of 78 billion yuan for last year, a rise of more than 60 per cent year on year. The lender issued 340 billion payment cards last year, 130 billion of which are credit cards. Annual card ...

  8. Foreign banks closer to card issuance

    Posted Nov 21st 2003, 12:00am by Enoch Yiu

    ... of East Asia, have applied to issue foreign-currency credit cards to mainland residents for use overseas. Their applications, however, have not received a reply, prompting Mr Or to raise the the issue with Mr Liu. 'Mr Liu is very supportive of the overseas banks to issue credit cards to mainlanders and he promised to follow up on the approval works,' Mr Or said after ...

  9. Citigroup may soon get nod for yuan debit cards

    Posted Jun 30th 2008, 12:00am by Staff Reporter

    ... being sold 'in stunning low prices' to foreign investors. In the pipeline Standard Chartered and HSBC also hope to issue debit cards The number of credit and debit cards ... yuan-denominated debit cards on the mainland. The regulator might soon approve Citigroup's debit card issuance as Beijing hoped to show the US its positive attitude towards open market policies after ...

  10. Hu plays diplomatic card in oil game

    Posted May 01st 2006, 12:00am by Mark O'Neill

    ... China Exim Bank agreed to lend US$2 billion in commercial credit on generous terms with Angola using crude as collateral for the loan. Contracts financed by the loans must be awarded to Chinese ... million export credit from Exim Bank for infrastructure projects and another gives CNPC right of first refusal on four oil exploration blocks at an auction this month, two in the oil-producing ...




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