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Old Feb 21, 2011 | 4:49 am
  #14  
tauphi
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Originally Posted by jamar
HSBC IS allowed to issue credit cards in China. They're just not allowed to do it on their own. Bank of Communications lets HSBC issue their credit cards, hence the dual BoComm/HSBC logo on their cards.
As far as the regulators are concerned, the BoComm card is issued by BoComm, not the HSBC. The HSBC is offering technical assistance and gaining brand exposure, but it isn't the legal entity responsible for the card.

AFAIK only one foreign bank has been approved to issue local credit cards in China and it's the BEA.
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