The bank, which has branches in 13 Chinese cities, said it will be launching the credit cards for retail and commercial customers later in 2012.
The approval follows preliminary regulatory approval in January, 2012 for Citi to establish a joint-venture securities firm in China, together with Orient Securities Company.
Citi Asia Pacific CEO Stephen Bird said that this approval represents a significant milestone in the continued expansion of Citi’s business in China, a priority market for Citi.
"Our business in China continues to perform strongly across both institutional and consumer lines, and our ability to introduce a credit and commercial card proposition adds to our healthy growth momentum in this key market," added Bird.
Citi said it will turn over its existing credit card business to joint venture partner Shanghai Pudong Development Bank after it launches its own credit cards.
