Shanghai, China – Citibank (China) Co., Ltd. ("Citi China") today unveiled the features of its sole-branded credit card in China. Citi announced on Aug. 21st the issuance of its sole-branded credit card in China, making it the first global bank in China to do so. Stephen Bird, Asia Pacific Chief Executive Officer, Jonathan Larsen, Global Head of Retail Banking and Asia Pacific Head of Consumer Banking, Andrew Au, Chairman and Chief Executive Officer of Citi China, and Simon Chow, Head of Consumer Bank of Citi China attended the press conference, to introduce the full set of the Citi sole-branded credit cards.
Citi, the largest credit card issuer in the world, expects China to be the world's largest credit card market in the world by the end of the decade. In Asia Citi has over 16 million card accounts in 14 markets with China being the 15th market in the region where the bank now offers credit cards.
The new set of Citi sole-branded credit cards have five cards and include two categories - Premier Miles and Rewards that cater to consumers' different spending needs and spending preferences. The cards offer a wide range of benefits designed to meet the choices of customers.
Premier Miles Card is targeted at the affluent segment of frequent business travelers. Cardholders will have the widest range of redemption choices of over 50 airlines, access to over 600 airport lounge worldwide six times per year, and will also have the flexibility of transferring miles to friends and family. Rewards is targeted to the mass affluent and emerging affluent segment of value seekers who are looking for the best deals and maximizing returns from everyday spending. Customers can choose freely among three lifestyle segments: Fashionista, Homemaker or Yuppie, to enjoy the preferential return on earning three times points all year round from everyday spending. Both Premier Miles and Rewards cards' miles and points will never expire.
"The launch of our sole branded cards business in China marks a significant development in our growing presence in China and we are honored to be the first global bank to issue credit cards in China. We were the first global bank to enter the retail banking market in China in 2002 and Citi is deeply committed to China. We are delighted to be once again breaking new ground in what is one of our most important markets globally," said Stephen Bird.
Andrew Au noted:"Citi is pursuing growth across multiple businesses in China. With the Citi credit card, we are now in a better position to provide our customers in China a full suite of products and services to meet their spending needs and help with their financial planning."
The Citi credit cards are now available across the thirteen cities that Citi operates in. With a Renminbi-denominated and a US Dollar denominated card, the new Citi China UnionPay, Visa and MasterCard credit cards can be used at merchant outlets across China and around the world. In addition, the cardholders can participate in the largest global cards privilege program, Citibank World Privileges, for VIP discounts and benefits.
Jonathan Larsen said:"Citibank is the largest credit card issuer in the world and we are excited by the opportunities this breakthrough gives us in offering our leading credit card services in China. The launch of our sole branded cards business comes as we continue to invest in China in support of our growing customer base here."
Simon Chow noted:"We are confident that the new Citi credit card brings the market leading offers that cater to the spending and lifestyle needs of our customers, both at home and abroad when they are at work or leisure."
The new Citi credit cards also provides a number of important safeguards to give customers 24-hours assistance and protection, including purchase protection, roadside assistance, home protection and home assistance, as well as travel accident insurance and travel inconvenience protection.
More details can be found at www.citibank.com.cn.