Global financial services company Citigroup has received approval from the China Banking Regulatory Commission to issue credit cards in China.

Following the permission from Chinese regulator, Citi has become the second foreign bank, after Hong Kong's Bank of East Asia, entitled to issue credit cards in China.

Citi, which already issues debit cards across China, has unveiled plans to start offering both retail and commercial cards later in 2012.

In 2011, Citigroup has expanded its presence in China by opening 13 new branches. In addition, has also received governmental approval to form a joint venture securities firm with Orient Securities to do investment banking in China.

Citi provides consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.

In recent news, Citigroup, through its Global Transaction Services (GTS) unit, has introduces prepaid services in three Latin American countries, namely Trinidad and Tobago, Jamaica and Panama.