Citibank: 5% growth rate for credit card market this year
Malaysia’s leading card issuer, Citibank anticipated the slow gross domestic (GDP) growth in the country which may only hit 5 per cent this year will affect the growth of credit card market. The credit card market is expected to grow 4 to 5 per cent this year.
Citibank said the number of credit circulation in the country has fallen to 8 million accounts in July 2012 from 11.5 million accounts in 2009. However, the credit card sales are growing and has recorded 10 per cent growth last year.
Citibank still maintain its leading position in credit card market with 20 per cent market share despite minor turbulence in the overall market.
by Alice Lee