Citibank credit card to borrow enclosure for large enterprises in China to send business CARDS

 

According to the Chinese mainland large enterprises and multinational companies send business CARDS, the past has always been the business in Chinese Banks, citigroup is the first in a foreign line.

 

When HSBC choose go to the countryside, citigroup chose the credit card. The top of the world's largest credit card issuers hat, citigroup to enter the mainland China - this is considered as the next ten years the world's largest credit card market has been ambitious. In 2012, they get the. Citigroup (China) "was finally alone printed on a write full Chinese credit card.

 

Citigroup global retail bank President, Asia Pacific consumer banking business LuoZhongHeng President, full of superiority to blunt the Chinese mainland market competitors said, "citibank credit card business profit of $3 billion, we know that the credit card business is how to make money".

 

In fact, by the end of 2011, the market accumulated issued 285 million credit CARDS, but not a bank is recognized as earned money.

 

Although it is a card, hairpin object or in the Chinese line existing customers give priority to; Profit sharing, is also the Chinese line accounted for. Ten years' cooperation, citigroup saved only localization experience.

 

Over the past decade, citigroup (China) logo always follows the Shanghai pudong development bank (600000, guba) back. At that time, the policy limit, foreign Banks in China can't separate issue credit, enter into China, and only China's bank card cooperation, issue. It is said that citigroup first and good is China merchants bank (600036, share it), but China merchants bank chairman of the board MaWeiHua more to build up their own brand, choose a less-known alliance bank of Taiwan.

 

From the beginning, citigroup and Shanghai pudong development bank "hand in hand" is what they really need - the former hit nearly 600 million yuan, for in mainland China curve hairpin; The latter with 5% of the equity, the introduction of a "rich experience, advanced technology" team. At least at the time, pudong development international fan son really: founded in 2004, Shanghai pudong development credit card center, CEO and four departments and principle are from citigroup. Chief executive to "the ac" report, the ac consists of three "citigroup" and three "pu fa" composition. In addition, citigroup also contributed the latest version of the business system, all data on its in Singapore asia-pacific data processing center processing.

 

Can China things are often foreigners can't understand. Shanghai pudong development citigroup joint hairpin period, it is also the domestic size bank bombing type hairpin period. If you still remember those in office buildings, shopping mall and subway station entrance and the school dining room, open different bank credit card TuiGuangDian, it is not difficult to understand in most Chinese eyes, a citigroup (China) Logo is far than a bottle of peanut oil or an MP3 benefits.

 

In the process of cooperation, both sides realize, foreign done advantage in the brand construction, and Chinese done strength is customer base and market share. Therefore, although it is a card, hairpin object or in the Chinese line existing customers give priority to; Profit sharing, is also the Chinese line accounted for.

 

Credit card products "law" is, the scale effect, the circulation of more than 2 million copies to realize the profit and loss balance. Shanghai pudong development bank and the results show that until recent years, joint citigroup issued credit card to appear obvious growth, respectively in 2009, 790000 a, 2010 a, 2011, 1.49 million copies. By the end of 2011, a total of 6.11 million pieces of pudong development issue credit, and China merchants bank has more than 40 million copies.

 

Use citibank China chairman, chief executive European trillion's words, and Shanghai pudong development cooperation, "we accumulated valuable local experience". Indeed, the last ten years, both in terms of profit or brand promotion consideration on citigroup (China) are of no consequence, their income and HSBC, standard chartered bank, east Asia and other foreign bank, save far down only experience.

 

Citigroup hoping to show that a kind of attitude, willing to take a full function bank into the subway station financial brand, not unattainable, but close to people, they pay more attention to the working class.

 

Scored in mainland China to issue credit independent licence after, at first, citi's reaction in the industry in expectation. In first withdraw stationed in Shanghai pudong development credit card center staff, then through the block trade disposable clean up the hand all the pudong development stock, then announced "is located in zhangjiang data center has been built and put into use".

 

Yes, this is a rare chance to catch up, they have reason to high-profile, positive. But soon the audience will hold not to live. The end of August, citigroup in mainland China 29 sub-branches opening, the location is the Shanghai people's square subway station. Earlier, even if Chinese Banks are not in the subway station set up down the branch, and it put an ATM machine, there shows.

 

Citigroup attitude is obviously to really. The people's square subway station is the largest passenger subway station, during the world expo has 700000 people every day in this distribution. Shanghai metro line 1 and line 2, line here, 8 intersection. They picked the station's largest transfer hall -- big triangle transfer hall, cover an area of an area and other grid size between the shops, compared with a bottom spirit; Counter number and wait for seat and ordinary branch similar scale; In addition to the posters and Logo can be seen everywhere, even in the business hall was installed on the wall on a piece of 4.5 meters long, 2.5 meters wide LCD screen, all day long scroll broadcast weather information, financial data and current affairs at home and abroad and its products.

 

The branch of the operating costs than other branch as high as 15%, mainly because the business hours than all the Banks are long - working days from 8 a.m. to 8 PM, double cease day from 10 am to 5 PM. Also because equipped with more people, including personal bank account manager, loan specialist and bank service personnel in all forty people.

 

Citigroup hoping to show that a kind of attitude, willing to take a full function bank into the subway station financial brand, not unattainable, but close to people, they pay more attention to the working class. Extend the business time is for the convenience of office worker on the way to work in the later work and do business, Enough manpower to even passers-by in the doorway look, also immediately and there will be a customer manager hand iPad to introduce service.

 

When the four major state-owned Banks to withdraw the city an inter-bank charges raised to 4 yuan, citi's debit card in the domestic and foreign national city bank of New York and an inter-bank inquiry, withdraw cash from all charges, the bank on the net even for domestic different an inter-bank transfer fee is free. These "zero fee" service, the threshold is minimum balance standard of 80000 yuan. The subway branch will be adjusted for the 12 months deposit amounted to 80000 yuan, has just opened a few months had decreased to 50000 yuan.

 

"We will be with the average every month open two speed in China, and will continue to spread outlets in subway station set up branch, and not limited to Shanghai." The people's square subway branch opened on the same day, the mega Aaron announced. The speed is regulators had prescribed limit, it means that by the end of this year, the nationwide will quote ten new citigroup subbranch of a bank. It believe that citigroup independent issue credit card come.

 

According to the Chinese mainland large enterprises and multinational companies send business CARDS, the past has always been the business in Chinese Banks, citigroup is the first in a foreign line.

 

This time, citigroup hasn't flaunt team and technology, the biggest selling point of credit card is described as "income 3500 yuan can apply for", and Chinese line entry level credit card application conditions almost. High-end card also need only income 6500 yuan. Favorableness again by the media labeled as "close to people" label. In fact, the citigroup and pudong development jointly issued credit card threshold is only "the annual salary of 30000", seems to be less than the attraction. Perhaps this is the so-called precious local experience.

 

The propaganda strategy behind, they choose is a set of different from Chinese done mode - not to sacrifice the annual fee to turf, known as the "credit card year cost, charges and interest of the three big income proportion with the global practice will be more". The 2 RMB card products, lower-end first year annual fee from the second year, the annual fee is 300 yuan; The higher costs 2000 yuan a year - don't "close to people".

 

"They are also necessary." A Chinese line credit card center director analysis said that in citigroup before entering, the domestic credit card market has been Chinese line circle go 95%, even from the annual fee, also not necessarily can ring to land, Credit card business need to take up the bank loans, and at the same time hairpin done to commission continue to drop, with these problems not only Chinese line, but also to foreign line is a challenge, if again from the annual fee, they will only them harder, "collect some money, at least can screen out a number of valuable customers, willing to spend money to raise a credit card, not from credit card overdraft keep yourself".

 

Another Chinese line from take the scripture is, in view of the mainland China large enterprises and multinational companies send business CARDS. In the past, the former financial business has always been in Chinese Banks, citigroup is the first in a foreign bank, is also the first a global bank. Citi's business card including travel card and purchasing card two kinds, is targeting enterprises capital in and out of the most frequent transactions, the biggest crowd.

 

"At the beginning of the use, the enterprise can get a variety of preferential, and as thousands of thousands of employees are used to some bank credit card business, the personal credit card use is" follow "." The above Chinese line in credit card center.

 

Based on this starting point, and its global network and international financial service experience, for citigroup is concerned, more business and competitiveness in May for Chinese enterprises overseas financing as bypass, the successful case for sinopec, cnooc, China resources business, etc.

 

Credit card is just a start.