Saturday, December 20, 2008

BEA China to launch first yuan-denominated credit card

Bank of East Asia China Ltd plans to launch a yuan-denominated credit card next week, making it the first foreign bank to issue a local currency credit card independently.

The launch of the yuan-denominated credit card, said Lin Zhimin, vice president of BEA China, is aimed to make the personal banking services more integrated.

The bank launched a yuan-denominated debit card in May and offered cyber banking and wealth management services to customers.

"Though the competition in the domestic credit card business has been quite fierce, foreign banks should still strive to gain a slice of the market share, as each bank needs to provide customers a complete package of personal banking services," said Lin.

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