Philippines’ China Banking sees doubled credit card growth

Confident partnership with MasterCard will achieve this.

China Banking Corporation President and CEO Peter Dee said the bank plans to launch China Bank MasterCard Platinum and Classic in 2014 to further expand its credit card business.

It will also be making the most of the distribution capability of its 300-plus branch network, initially targeting its existing client base.

He said the bank’s move into the credit card business is motivated by its goal of providing quality banking products and services to meet its clients’ financial needs.

Dee noted that China Bank MasterCard cards complete the bank’s range of product offerings and deepen its relationship with customers. China Bank’s credit card division was set up in 2012.

China Bank posted a first quarter net income of US$41 million, 63% higher year-on-year. Gross revenues improved 25% driven by trading and securities gains and higher fee-based revenues. Customer loan portfolio rose by 16% to US$4.2 billion year-on-year.