Cited in Reuters, Li Weiping, head of Industrial and Commercial Bank of China’s (ICBC’s) credit card center, said that he expected Chinese credit card spending to increase to between CNY140 billion and CNY150 billion this year, from CNY100 billion last year.
He also stated that so far, the company has issued 15 million credit cards, representing a 27% share of the China market. In light of this, ICBC have a continued strategy to maintain a rapid pace of credit card issuance to expand its market share.
Meanwhile, ICBC has launched a new co-branded credit card in association with American Express and Staples, which is designed specifically for business travelers and enterprises, Reuters reported.
We will launch more and more co-branded cards in partnership with leaders from different markets this year, said Li Weiping.
