Wal-Mart is planning to work with GE Capital and Shenzhen Development Bank to launch its own credit card in China. The new credit card will be the first of its kind ever launched by an overseas retailer in the country.
At present, Wal-Mart has 57 outlets in China, and it plans to open 18-20 additional outlets within this year.
Supported by GE Capital, the card will be issued by Shenzhen Development Bank, a medium sized commercial bank located in southern China.
GE Capital announced in October 2005 plans to invest US$100 million into Shenzhen Development Bank.
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