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ICBC to Issue JCB Brand Cards in China
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～ Partnership with world's largest public bank expanding JCB brand presence ～ |
Tokyo, May 16, 2012 - JCB, the only international credit card brand based in Japan, and its international subsidiary JCB International (JCBI) today announced that Industrial and Commercial Bank of China Limited (ICBC) will start issuing JCB cards today.
ICBC is one of the largest public banks in the world in terms of total assets and has issued more credit cards than any other bank in China. JCBI and ICBC have had an acquiring business partnership since 1991 and signed a license agreement for JCB card issuing in 2008. Now ICBC will be issuing its flagship ICBC Card with the JCB brand and providing customers with JCB travel related services such as the JCB Plaza and JCB Plaza Lounge in addtiion to ICBC's own loyalty program and other functions and services. Customers may select billing of their international spending on the card in US dollars or in Japanese yen, an option that is especially convenient for those traveling frequently to Japan.
Since 1982, JCB and JCBI have been expanding JCB card acceptance in China to increase convenience for JCB cardmembers. Currently JCB has alliances with thirteen partner banks and financial institutions in China for merchant acquiring with over approximately 100,000 merchants accepting JCB cards. JCB card issuing to consumers in China has also been expanding since 2005 to meet increasing need in the market for international credit cards driven by the country's strong economic growth. In addition to ICBC, Bank of China, Bank of Shanghai, China Everbright Bank, China Merchants Bank, Shanghai Pudong Development Bank, China Minsheng Banking Corporation, China Construction Bank and Ping An Bank currently issue JCB cards, and the cardmember base has been expanding in the country and has surpassed 5 million earlier this year.
By issuing a "ICBC JCB Card", ICBC will be able to provide a stronger product and more high-quality services to customers, while JCB will expand its presence in China through the bank's national network and customer base.
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