July 17, 2008

Citibank China Obtains Approval to Issue Debit Cards

Citibank China has announced that it is now authorized to issue the renminbi debit card to its retail customers in China.

Citibank China has passed an inspection by the People's Bank of China (PBOC) regarding its ability to conduct renminbi debit card business. Citi has partnered with China Union Pay's subsidiary, China Union Pay Data Services Company, a bankcard third-party processor, to outsource its debit card transaction processing onshore.

Citibank China expects to be in a position to launch debit cards in the near future, pending final preparations.

Andrew Au, CEO of Citibank China, said: "We are delighted to have been granted approval to launch debit cards in China. Citi strives to be the most customer-focused international bank in China and we look forward to being able to offer our customers the convenience and flexibility of debit cards."