GE and Wal-mart to issue credit card in China
The consumer finance arm of General Electric Co. and retail giant Wal-Mart Stores Inc. launched a credit card in China this week, Reuters reported.
The co-branded credit card is Wal-Mart's second in as many months following a deal with China's Bank of Communications Co., which is partially owned by HSBC Holdings Plc., Reuters quoted Wal-mart spokesman Jonathan Dong as saying.
Dong said the GE branded cards were already available, although Wal-Mart planned an official launch later this week.
The Financial Times reported the GE deal on its Web site earlier on Tuesday, and said it would mark GE Money's first venture into China's consumer finance market, where less than 5 percent of the population have credit cards.
The GE Wal-Mart card will be offered in southern China, while the Bank of Communications card is available in the northern part of the country. Both credit cards are dual-currency, and can be used inside China and abroad.