Final approval granted to Citigroup's banking unit in China

Final approval was granted to Citigroup's banking unit in China to issue local debit cards, a step toward expanding its services to Chinese retail customers.

The first bank to get authorization to conduct local debit card business in China was the Bank of East Asia which obtained permisson earlier this year. Two more financial institutions applied for approval: HSBC and Standard Chartered.

The introduction of local debit cards by Citi was expected to start in the near future without any mentioning of the exact dates.

"We are delighted to have been granted approval to launch debit cards in China," said Andrew Au, CEO of Citi China.

"Citi strives to be the most customer-focused international bank in China, and we look forward to being able to offer our customers the convenience and flexibility of debit cards," he added.