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Monday September 18, 1:55 AMWal-Mart to enter Chinese credit-card venture-WSJNEW YORK, Sept 17 (Reuters) - Wal-Mart Stores Inc. , the world's biggest retailer, is set to launch its first credit-card in China in a venture with China's Bank of Communications Co. , the Wall Street Journal reported on Saturday.The credit card will be a dual currency card that can be used anywhere and will provide special discounts at Wal-Mart stores in China, the report said, quoting Wal-Mart officials in China. The report comes as China's consumers, helped by years of strong economic growth and rising incomes, are beginning to embrace consumer debt. Investment bank China International Capital Corp. says China's potential card base, defined as urban residents with annual incomes of more than $5,000, is around 76 million. Card penetration, however, is just 0.48 percent of that group compared with more than one card per capita in Hong Kong, Taiwan and Japan. The Journal report said the card will initially be launched in six Wal-Mart stores in Shanghai, Nanjing, Fuzhou, quoting an official at China's No. 5 lender Bank of Communications. Global banking giant HSBC Holdings Plc. owns a nearly 20 percent stake in Bank of Communications. Wal-Mart was not immediately available for comment. |
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