Standard Chartered Plc said on Oct 16 that it planned to incorporate in China and issue credit cards in the country next year.

The plan could make London-based Standard Chartered the first foreign bank to issue credit cards in China. Local regulations currently do not allow overseas institutions to issue any type of bank card independently.

In August, Chinese banking regulators said foreign banks would be allowed to issue cards if they agreed to incorporate locally by putting down 1 billion Yuan ($126 million) in additional capital.

"Of course, it has been put on our work agenda and we plan to issue credit cards in China next year," said Standard Chartered's China consumer banking head Christine Ip.

The timeframe will depend on regulatory approval, but the British bank has been consulting with Chinese regulators on the issue.

The bank has hired local staff and is preparing systems to handle credit card business in China, Ip added.

Source:佚名