BEIJING – HSBC Holdings Plc., Europe’s largest bank by market value, said it expects to issue one million dual-currency credit cards by July with partner Bank of Communications Ltd., outpacing rival Citigroup Inc. in the world’s fastest-growing consumer market. “We are on track to meet our target,” Ron Logan, head of the credit card venture, said. “The number of cards issued has been growing significantly.” HSBC, Citigroup and American Express Co. are banking on dual-currency cards to build brand awareness and customer bases in an economy with US$1.65 trillion household savings. China’s government wants 30 percent of retail sales to be made through bank and debit cards, within three years.

“Defraud customers and the government in China with some of the questionable tactics HSBC uses in the United States – primarily from their Household International unit – and penalties are much more severe. What does that say about US regulators?” You decide, said consumer advocates at Household – HSBC Watch.

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