Citi launches Chinese Renminbi debit card

Citi China also signed a strategic cooperation agreement with China Unionpay ("CUP"), China's only national bankcard association, allowing its debit cardholders to enjoy the convenience of access to CUP's vast network in China. Chief Executive Officer of Citi China, Mr. Andrew Au, and President of CUP, Mr. Xu Luode, attended the launch ceremony held in Shanghai.

Two types of debit card will be available that cater to Citi China's different customer segments - a regular debit card for Citibank customers and a gold debit card for Citigold customers.

Mr. William Rhodes, Chairman, President and Chief Executive Officer of Citibank; Senior Vice Chairman of Citi, said: "China remains one of Citi's highest priority markets anywhere in the world. Today's announcement is a key one in the long history of our company in China, and as the pioneer of ATM and bankcard technology, Citi looks forward to continuing to bring all of our global expertise and experience to our China operations to benefit our customers. We are also delighted to be partnering with CUP on this important initiative, and we hope to build upon our relationship and further develop our cooperation with CUP in the future."

"The launch of Citi China's first retail Renminbi debit card in China represents an important milestone in our efforts to provide our customers here with the best available banking experience," Andrew Au noted. "We are proud to be introducing a card to the market that contains capabilities provided by no other international bank in China, as we continue to strive to provide innovative and practical offerings that meet the needs of our customers."

"Citi is a famous global financial institution which has branches and subsidiaries in many countries and regions around the world," Xu Luode said. "We commenced our excellent partnership of global ATM sharing in 2005, and since then, we have strengthened our cooperation in many areas. As the national bankcard association that is expanding globally, China Unionpay is delighted to have Citi China as its member, and will provide technical and operational support for its RMB card business. We look forward to deepening our relationship with Citi."

Citi's debit card is distinguished by a number of factors, including:

• Global access: Citi is the only bank that operates a proprietary ATM network in 47 countries, and Citi ATMs have Chinese language capabilities in more than 20 countries outside of China. The Citi and CUP network provides Chinese customers access to more than 140,000 ATMs within China and 380,000 ATMs overseas in 45 countries. In addition, customers can also use the debit card with more than 1 million merchants within China and across 27 countries.
• Mobile banking: Citi China is the first international bank in China to offer mobile banking services via its Renminbi debit card. In practice, this will allow cardholders to use their mobile phones to conduct a range of transactions in connection with their debit cards. These include checking the debit card's balance via the phone, and making payments for various purposes such as the purchase of various commodities, as well as water, electricity, gas and mobile phone payments. This service is immediately available in Shanghai, and will be rolled out in other cities at a later stage. It is offered in cooperation with CUP and the local mobile services providers, China Mobile and China Unicom.
• Security: Along with the convenience of a large global network of ATMs and merchants, Citi's debit card also provides customers safety and security with instant SMS messages for all ATM and point-of-sale transactions as well as monthly debit card statements.
• Citigold Global Banking: Citigold customers in China will receive a gold debit card, providing them with exclusive banking access around the world. The recently launched Citigold Global Banking initiative has fully leveraged Citi's global presence to offer best-in-class banking products and services to affluent customers who have cross-border needs. Now, with the Citigold Debit Card, Citigold customers will be globally recognized with worldwide privileges and services. Whether customers are traveling, living or seeking for investment opportunities at home and abroad, Citi can simplify their financial lives with financial expertise and an unparalleled global network across 4300 branches in 43 markets. Even in the case of emergency situations, such as losing a wallet while overseas, Citigold customers can receive up to USD 10,000 Emergency Cash Support in the receiving country.
  
• Fees waived: Citi China will waive all ATM transaction fees for Citi China Renminbi debit cardholders for various transactions in and outside of China before October 31, including account enquiries and cash withdrawals.

The announcement marks a new chapter in Citi China's longstanding relationship with China Unionpay. In 2005, Citi and CUP announced an alliance to allow the acceptance of CUP cards at Citibank's ATM network around the world, and also allow Citibank international cardholders to use their cards at foreign-enabled CUP ATMs when in China. The alliance was the first of its kind that China Unionpay struck with an international bank on a global basis.

The launch of debit cards continues Citibank's track record as one of China's most innovative international banks. Citibank was the first bank to deploy foreign-card enabled ATMs 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. Since launching RMB services to local residents on April 23, 2007, Citi China's consumer banking business has achieved a large number of firsts as it met local customer demand for high-quality banking services. Key highlights include: first bank to launch QDII products investing in offshore mutual funds; first foreign bank to launch investment-linked insurance products; first bank to offer QDII products investing in foreign currency corporate and government bonds; first foreign bank to launch mortgage refinancing; and first bank to open a drive-through ATM.