China Merchants Bank and Renren to Pioneer Social Credit Card
BEIJING, June 13, 2011 /PRNewswire via COMTEX/ -- China Merchants Bank ("CMB"), a
leading commercial bank in China, and Renren Inc. (RENN) ("Renren"), the leading
real name social networking internet platform in China, today jointly announced a
plan to issue a co-branded "Renren CMB" credit card with social features.
This credit card program will be a globally innovative pilot that pioneers the
combination of social, location and mobile services. CMB will offer information
about, and services provided by over 10,000 of their merchant partners through
Renren's Location Based Services. When the co-branded credit card holders "check
in" from their current locations through Renren's Location Based Services
function, they will receive promotional information from CMB merchant partners
located in the vicinity.
In addition, a wide range of loyalty incentive programs will also be offered by
both Renren and CMB for the co-branded credit card applicants and holders.
Renren CMB co-branded credit card is expected to be issued in July 2011.
Mr. Jialong Liu, General Manager of CMB Credit Card Center, said, "We are very
excited about this partnership with Renren. This is truly a milestone in the
socialization of financial services. Renren has a large base of young, highly
educated users. We very much look forward to attracting many loyal consumers to
our financial products through innovative social services provided by Renren."
Mr. Joseph Chen, Chairman and Chief Executive Officer of Renren, said, "Social
networking is increasingly penetrating many aspects of people's lives. We are
very pleased to have the opportunity to work with CMB, one of the best commercial
banks and the leading credit card issuer in China, on this important project.
Through this co-branded credit card program, we see a business model we
previously envisioned start to materialize, combining social, location and mobile
services to make people's lives more convenient, more informed, and more fun!"
Media and Investor enquiries
China Merchants Bank
Disney Ding
Tel:+86 21 38834600 ext 58300
Fax:+86 21 58779086
E-mail:dingshini@cmbchina.com
Renren Inc.
Caroline Straathof
+31 6 5462 4301
+86 136 9310 5055
E-mail: info@irinside.com;
Yi Wang
+86 10 84481818
E-mail: media@renren-inc.com
About China Merchants Bank
China Merchants Bank ("CMB") is a leading commercial bank in China. Founded in
1987 and headquartered in Shenzhen, CMB is dually listed in Shanghai Stock
Exchange and Hong Kong Stock Exchange. As a leading retail bank in China, CMB has
an extensive customer base and provides them with diversified financial products
and services. As of December 31, 2010, CMB had 73 branches, 749 sub-branches
(including outlets), 2 exclusive branch-level operation centers (a credit card
center and a small enterprise credit center), 1,913 self-service centers and
8,193 self-service cash machines (including 2,860 ATMs, 5,333 self-service
circulation machines), among others. In addition, CMB also has branches and
representative offices in Hong Kong, Taipei, New York and London. CMB has
received many domestic and international awards, including 2010 "Best Retail
Bank" by The Financial Times, and "Best Private Bank in China" by Euromoney, The
Assets, and The Financial Times.
Renren Inc.
Renren Inc. (RENN) operates the leading real name social networking internet
platform in China. It enables users to connect and communicate with each other,
share information and user generated content, play online games, listen to music,
shop for deals and enjoy a wide range of other features and services. Renren's
platform includes the main social networking website Renren.com, the online games
center game.Renren.com, the social commerce website nuomi.com, and the newly
launched professional and business social networking service website jingwei.com.
It had approximately 117 million activated users as of March 31, 2011. |
