HSBC wins credit-card ap­proval

China Daily (Canada) - - NEWS CAPSULE -

HSBC Hold­ings Plc has won ap­proval to start a credit-card busi­ness in China’s $1 tril­lion mar­ket.

The ap­proval from Chi­nese au­thor­i­ties came as HSBC ended a card ven­ture with Bank of Com­mu­ni­ca­tions Co, the bank’s Asi­aPa­cific head Peter Wong said, paving the way for the Lon­don­based com­pany to join Cit­i­group Inc and Bank of East Asia Ltd as the only for­eign credit-card is­suers on the Chi­nese main­land.

An in­de­pen­dent card unit on the main­land would im­prove HSBC’s ac­cess to a fast-grow­ing mar­ket that had 449 mil­lion cards on is­sue as of Septem­ber and al­low the bank to find new clients for its retail bank, ac­cord­ing to Bloomberg News.

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