Citi Launches First Unionpay Standard Commercial Card in China
Shanghai - December 13, 2012 – Citibank (China) Co., Ltd. (“Citi China”) today announced the launch of the Citi UnionPay standard Commercial Cards in China.
Following the launch of its commercial cards program in October this year, the new Citi UnionPay standard Commercial Cards will provide corporate clients with a number of value-added services offered by UnionPay, including discounts and privileges on booking of airline tickets and hotels in 26 cities nationwide, travel insurance and global SOS and concierge serices.
Andrew Au, Chief Executive Officer of Citi China, said: “As the first global bank to launch the commercial cards program in China, we are delighted to once again lead the market with the launch of the Citi UnionPay standard Commercial Card. UnionPay has been a long-standing partner of Citi, and together we have achieved many market breakthroughs, both within China and around the world. This commercial card is one of them. Citi strives to provide better and more inclusive corporate banking services to our clients in China, and today’s launch brings us one more step closer to that goal.”
Citi’s commercial cards program operates over 4,000 programs in more than 100 countries with customer service support in more than 25 languages. Citi has long been considered a leading commercial cards provider to large and multinational organizations with its range of product offering such as travel and entertainment card, purchase card, virtual card, meeting card, fleet card, Centralized Travel Account (CTA), along with customized and integrated reporting systems and business intelligence engine.
Since it was established in 2002, China UnionPay has been consistently extending its global coverage and is now accepted in 135 markets globally. The launch of the Citi UnionPay standard Commercial Cards product is part of the company’s plans to expand its product offerings to corporates.
Xu Luode, Chairman of China UnionPay said: “Citi’s launch of the Citi UnionPay standard Commercial Cards marks a significant move into the credit card business co-operation for both parties and signifies the transition of the UnionPay card products from a retail card to a commercial card, and expanding our customer base from individuals to corporates. Citi is the leading issuer in commercial cards globally and the co-operation will help complete our product offering to our member institutions and cardholders, and enhance our competitiveness. We will continuously look to expand our scope of services to meet the discerning needs of corporate clients.”
Citi and China UnionPay have extensive co-operation in a number of areas, including network sharing in more than 34 markets, offering and acquiring business globally, mobile payment and Internet payment. In 2008, Citi launched the UnionPay debit card in China and this year, Citi was the first global bank to launch the sole-branded retail credit cards in August with UnionPay.
Pei Yigen, Head of Citi Transaction Services for China, said, “The launch of the Citi UnionPay standard Commercial Cards further underlines Citi’s market-leading position in transaction services by expanding our product offering in this segment. The move is also in line with our commitment to be the most innovative banking services provider in China.”
Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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