50 million cards in 2009

50 million credit cards of the largest lender the Industrial & Commercial Bank of China are expected to be in use by the end of the next year with 33 million being used today. On the score of growing usage of credit cards when making purchases credit card business is extending to a substantial degree.

According to Li Weiping, president of the bank's cards business by the end of the current year the bank expects to achieve 35 million to 38 million cards used by customers.

Li says that the credit card business accounts for about 10% of the bank's intermediary business at present time but it is expected to increase by 2 to 3% annually.

Credit card business is also targeted by Agricultural Bank of China (ABC), one of the Big Four state-owned banks and China Construction Bank (CCB) which is planning to break even in its credit card business next year.