The banking regulator of China approved a move by Citigroup, a U.S. based bank, to offer credit cards to Chinese individuals. This Chinese sect of Citigroup will be the first non-Asian bank to launch credit cards in China. The bank is hoping to capitalize on the recently booming consumer culture in China. Citibank branches are already operating in thirteen Chinese cities. The bank views this step as a big milestone in the business between Citigroup and China.
Meghan Steinbeiss
http://www.bbc.co.uk/news/business-16920746
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