Banking News
- CMB sees credit card business growth
Date: 14-Mar-2007 Sources: (Shenzhen Daily)
CHINA Merchants Bank (CMB), China's largest credit card issuer, says it expects its total number of credit cards in issue to reach 15 million by the end of 2007. That's up from 10 million credit cards in issue at the end of 2006 for the bank, which entered the Chinese credit card market five years ago.
CMB chief executive Ma Weihua says CMB earned 100 million yuan (US$12.9 million) from its credit card business in 2006, according to a Reuters report. CMB says it has around a third of the Chinese credit card market. Recent CMB credit card launches include a co-branded card with Japan's JCB and a MasterCard issued with China Southern Airlines.
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