Standard Chartered plans China credit cards

Standard Chartered said today it planned to issue credit cards in China.

The London-based bank hopes to be incorporated in China next year, and it would be the first foreign bank to issue credit cards in the world's most populace country.

Local regulations currently do not allow overseas institutions to issue any type of bank card independently.

But in August, Chinese banking regulators said foreign banks would be allowed to issue cards if they agreed to incorporate locally by putting down one billion yuan (€110 million) in additional capital.

The bank has hired local staff and is preparing systems to handle credit card business in China.