HSBC seeks to issue credit cards in China by end of the year
Move is part of plan for full-scale, digitally-driven retail banking and wealth management business in Pearl River Delta
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Hong Kong
HSBC Holdings Plc is aiming to roll out its own credit cards in China by the end of the year, as the UK-based lender tries to tap into rising online and mobile spending in the world's second-largest economy.
The bank will initially target customers in the Pearl River Delta (PRD), the manufacturing hub located just north of Hong Kong, with the HSBC-branded cards, according to Kevin Martin, the firm's Asia-Pacific head of retail banking and wealth management. The bank, which already has co-branded cards in China through a partnership with Bank of Communications Co, received regulatory approval earlier this year for its own mainland offerings.
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