HSBC seeks to issue credit cards in China by end of the year

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.