HSBC launches RMB debit card in mainland China

Nov. 19, 2008 (China Knowledge) - HSBC Bank (China) Co Ltd, a locally incorporated bank solely owned by HSBC Holdings<5><HBC>, launched its debit cards in 17 cities in mainland China.

The card holders are granted to use their cards at China UnionPay Co's domestic and overseas networks in about 50 countries and areas. HSBC's ATMs in over 40 countries and regions will also accept the new debit cards launched in China.

The alliance between HSBC and UnionPay provides the most extensive ATM access with a debit card issued by any foreign bank in mainland China, sources reported.

The move will expand the geographic service coverage of HSBC's debit cards, which will provide value-added convenience for more Chinese customers.

The debit cards, without annual fee charges, are able to link with up to three bank accounts, including an RMB account and two foreign-currency accounts.

Bank of East Asia (BEA)<23>,  Standard Chartered Bank and Citibank had launched RMB debit cards on the mainland.

BEA hopes to launch its credit cards on the mainland by year end.