Citigroup Approved to Issue Credit Cards in China

And in other business news... For the first time ever, a non-Chinese bank will be allowed to offer credit cards inside of mainland China. On Monday, US-based Citigroup announced that it has been given permission by the Chinese regime to offer a line of credit in China. It’s the envy of every bank. The growing middle class in China has been a sought after new market for banks looking to expand their business. But until Monday, the only “foreign” bank permitted to offer credit cards was Hong Kong’s Bank of East Asia. Citigroup operates 13 banks throughout China. The banking giant has not stated whether cards issued will be Visa or MasterCards.