China UnionPay (CUP) plans to sell more shares to financial institutions from home and aboard to boost capital by at least three billion yuan (US$383 million). Several local banks have agreed to buy more shares at 2.5 yuan per share. CUP may also sell shares to overseas financial investors at 10 yuan apiece.

UnionPay was set up in March 2002 with a registered capital of 1.65 billion yuan by 80-plus financial institutions. It has made its Unionpay cards accepted by 400,000 ATMs and 500,000 POS outlets in 23 countries and regions.

UnionPay projected next year’s credit card issuance at 10 million, compared with three million pieces this year, according to Xinhua News. The CUP’s 22 overseas issuers have issued 360,000 Unionpay cards, including 130,000 credit cards and 230,000 debit cards. The total issuance is expected to top one million next year. ( ShanghaiDaily )

• UnionPay Adds 10 Million Credit Cards in 6-month
• New Regulations on Foreign-Funded Banks
• Deutsche Bank Increases Equity Stake in HuaXia Bank
• ICBC, Alibaba Sign New Online Deal
• China Mobile Poised to Buy into SPD Bank
• China Merchants’ Credit Card Issuances Hit Record
• Beijing Olympics to Issue 7m Contactless Tickets
• Fubon Holding Approved to Invest in Xiamen City Commercial Bank