Banking News
- CITIC Bank sees credit card profit this year
Date: 8-Jun-2007 Sources: (Shenzhen Daily)
CHINA CITIC Bank said Thursday its credit card business would become profitable this year after three years in the red.
'After three years of losses, we will finally begin to make a profit from our credit card business, starting this year,'said Chen Jin, head of CITIC Bank's credit card center. 'Market competition in the credit card business is very tough in China, as consumers still prefer cash and many domestic banks prefer issuing credit cards to clients without charging them an annual fee,'he said at a banking summit in Shanghai.
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