HSBC has rolled out its first own-brand credit cards across all cities in the Pearl River Delta (PRD) as well as 30 non-PRD cities in China.
The latest move is a part of HSBC’s strategy that will help expand the bank’s business in Mainland China as it accelerates investments in Asia.
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The launch of HSBC's own-brand credit cards in China will further broaden the range of products provided by its retail banking and wealth management business. In China, the bank currently offers deposit, wealth and mortgage products to consumer finance.
The bank noted that its credit card business will considerably expand its customer base with new consumer segments.
The lender is considering launching personal loans on a trial basis in the country which is pending receipt to regulatory approval.
HSBC managed a joint venture (JV) card business with Shanghai-headquartered Bank of Communications, in which it holds a 19% stake; however, HSBC ended the card venture in March 2016 after receiving approval from Chinese authorities to start its own credit card business.
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By GlobalDataThe approval paved the way for the UK’s company to join Citigroup and Bank of East Asia as the only foreign credit card issuers on the mainland.
