Citibank China announced Tuesday that it has entered the country's credit card industry with a sole-branded card.
Citibank's move will result in the end of its cooperation with Shanghai Pudong Development Bank (SPDB), which it had formed a partnership with in 2003 to explore the local credit card market. Citibank sold off all of its 506.2 million SPDB shares to institutional investors on March 19, 2012.
"We were the first international bank to enter the retail banking market in China in 2002, and we are delighted to once again break new ground … in China," Stephen Bird, Citigroup's senior official, said.
