China: Citibank, China Unionpay Alliance Goes Live
Citibank and China Unionpay have announced that the strategic alliance they announced in late 2005 is now in effect, enabling CUP cards to be accepted at Citibank’s ATM network around the world, and Citibank international cardholders now able to use their cards at foreign-enabled CUP ATM’s when in China.
The alliance is the first of its kind that China Unionpay has struck with an international bank on a global basis.
Mr. Lee Ah Boon, Country Business Manager, Global Consumer Group, Citigroup China, said, "Today represents an important milestone in our partnership with China Unionpay. From today, CUP cardholders can take advantage of Citibank’s ATM network when traveling around the world, while our own international Citibank customers have access to an extensive ATM network as they travel in China. We look forward to building upon this alliance and further developing our relationship with China Unionpay to the benefit of all our customers.”
Mr. Liu Yongchun, Executive Vice President of China Unionpay, said, "Today’s announcement is significant for the millions of CUP cardholders who are traveling overseas, and consolidates the CUP card’s status as a safe and reliable payment instrument around the world. China Unionpay is pleased to be partnering closely with one of the world’s leading retail banking brands, as we continue to enhance our network to meet the changing needs of CUP cardholders.”
The alliance provides significant benefits for customers of both CUP and Citibank. It provides CUP cardholders with safe and secure payment services when they are abroad, and is set to benefit the millions of Chinese citizens who are expected to travel internationally in the coming years. Chinese holders of CUP cards now have the convenience of being able to withdraw foreign currency from Citibank ATMs in 36 countries/territories when traveling around the world. Citibank international cardholders in turn now have the convenience of access to more than 8,300 foreign-enabled CUP ATM’s when traveling in China. This number is expected to grow as CUP continues to enable more ATM’s to accept foreign cards.
The implementation of the alliance continues Citibank’s track record as the leading foreign bank operating in China. Citibank was the first bank to deploy foreign-card enabled ATM’s in China, which it has been doing for more than a decade. Citibank was the first foreign bank to enter the retail banking business in China in the post-WTO era when it opened its Peace Hotel consumer outlet in Shanghai in 2002, and currently has 12 retail outlets in six cities with several more in process.
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