Citigroup Becomes First U.S. Bank to Issue Own Card in China
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Citigroup Inc. became the first Western bank to issue credit cards in China without co-branding from a local financial institution as the government relaxes restrictions in the world’s second-largest economy.
The cards will be denominated in yuan or dollars and accepted worldwide, the third-largest U.S. lender by assets said today in an e-mailed statement. China UnionPay, the nation’s largest electronic-payment network, will process payments within China, while MasterCard Inc. and Visa Inc. will handle cards internationally, the bank said.