China’s Bank of Communications Co. could set up a credit card joint venture with HSBC this year when regulations are in place, a senior executive at the bank said.

A joint venture structure would make it easier for HSBC to directly invest in growing the credit card business in China while the business’ own performance can be more accurately measured and reviewed with international best practices introduced in all functions, said Ron Logan, the chief executive officer for Bank of Communications’ Pacific Credit Card Center. HSBC holds a 19.9% stake in the Chinese bank.

So far China bans stand alone credit card companies, and banks have only been allowed to keep the credit card business as part of a business division. ( Yahoo News )

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