CTBC Bank Co Ltd (中國信託銀行) yesterday announced a credit-card partnership with the operators of T.S. Dream Mall (南紡夢時代購物中心), which is set to open soon in Greater Tainan.
The cobranded card is to be the fifth such card issued by CTBC Bank in cooperation with a local department store or shopping mall after Taipei 101 Mall, Hanshin Department Store (漢神百貨) in Greater Kaohsiung, Park Lane by CMP (勤美天地) in Greater Taichung and the MetroWalk Shopping Center (大江國際購物中心) in Taoyuan County.
“CTBC Bank’s strategy is to issue cobranded credit cards with department store operators that have a focus in certain areas of Taiwan, which may help expand our customer base and coverage,” bank president James Chen (陳佳文) told a news conference in Taipei.
Photo: Lee Ching-hui, Taipei Times
The lender hopes to issue 150,000 credit cards with T.S. Dream Mall in the first year and boost that number to 300,000 by the end of 2016 in a bid to help increase the bank’s transaction fee income, Chen said.
T.S. Dream Mall, which is operated by T.S. Retail and Distribution Co (南紡流通事業), is to launch trial operations next month ahead of its formal opening in February next year.
CTBC Bank is looking to increase its credit card coverage in Greater Tainan, bank officials said.
Department store co-branded cards account for between 12 and 14 percent of the bank’s consumer business, they said.
The Taipei-based bank is in discussions with other department store operators in New Taipei City, as well as Hsinchu, Yilan and Pingtung counties, they said.
CTBC Bank stepped up its search for cobranding partners this year after losing Costco Taiwan to Cathay United Bank (國泰世華銀行), which is courting the wholesale club’s 900,000 local customers through an exclusive cooperation.
The number of cards issued is not as important as the amount of transaction fee income generated, Chen said, adding that CTBC has a 15 percent market share in the sector.
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