Banking News
- China Everbright Bank boosts credit cards
Date: 14-Mar-2007 Sources: (Xinhua Online)
China Everbright Bank plans to boost its credit card customers by 20 times to 20 million in three to five years, Vice President Li Ziqing told Shanghai Daily yesterday.
The bank has issued more than one million credit cards so far and plans to authorize up to 1.5 million new cards this year, Li said.
Joint-stock banks such as Everbright and China Merchants Bank are trying to promote innovative credit card products to compete against bigger rivals, including the country's big four state-owned lenders. Merchants Bank, which hold a one-third share of the country's credit card market, has issued more than 10 million cards so far, including special Hello Kitty and Ctrip travel products to target specific market segments by offering special discounts on purchases.
Everbright is playing catchup in product innovation. The bank yesterday began offering China's first credit card for baby products, catering to the needs of new mothers with promotional tie-ins.
Also yesterday, the bank signed a strategic cooperation agreement with China UnionPay Co, the country's sole bank card system operator, to help boost its cooperating merchants, enhance branding, develop products and share client-service hotlines.
UnionPay has signed similar deals with 12 other banks.
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