2 Banks to Offer Dollar Credit Cards in China
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Citigroup Inc. and HSBC Holdings, the world’s two largest banks by market value, were the first foreign banks to receive approval to issue U.S. dollar credit cards to mainland Chinese residents.
Citigroup’s Citibank unit, with partner Shanghai Pudong Development Bank Co., won approval from the China Banking Regulatory Commission and China’s central bank to offer China’s first dollar and yuan dual-currency credit cards, Pudong Bank said. New York-based Citigroup bought a 4.6% stake in the mainland lender a year ago.
London-based HSBC began issuing Shanghai International credit cards to mainland customers with Bank of Shanghai after receiving regulatory approval Wednesday, said HSBC’s communications director in Shanghai. HSBC owns 8% of the Chinese bank.
Citigroup shares rose 46 cents to $49 on the New York Stock Exchange.
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