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China Minsheng Bank is China's first nationwide commercial bank to be owned by mostly non-government entities and the first commercial bank that has grown its international operations through acquisitions. It is one of the four largest joint-stock credit card issuers as well as one of the few issuers that have turned their credit card business profitable in China. China Minsheng Bank began issuing credit cards in China in May 2005, and its credit card business has grown into a portfolio of 8 million cards today. Several measurements of Minsheng's credit card offerings indicate they are among the best in China.
"We are proud to be part of the success China Minsheng Bank has achieved the past few years," said Yan Fang Wang, president of CUP Data. "We are committed to continuously supporting their success with our innovative and reliable solutions."
"The credit card offerings of China Minsheng Bank are among the most popular selections in the Chinese market," said Gaylon Jowers, president of TSYS International. "We still see a tremendous opportunity for growth with CUP Data and are extremely pleased with the contract renewal."
Terms of the multi-year extension were not released.
About CUP Data
China UnionPay Data Services Co., Ltd. (CUP Data) is China's largest third-party processor of bankcard payments providing transaction processing, disaster recovery and other services for issuing banks in China. CUP Data was established in 2003, and has signed more than 60 credit-, debit- and prepaid-processing client banks at year-end 2008.
TSYS owns a 44.5-percent equity stake in CUP Data, a subsidiary of China UnionPay (CUP). CUP is the only payments network sanctioned by the People's Bank of China, China's central bank, and has become one of the world's largest and fastest-growing payments networks.
CUP Data received certification with the Payment Card Industry Data Security Standard (PCI DSS) in 2009.
About TSYS
TSYS (NYSE: TSS | Quote | Chart | News | PowerRating) is one of the world's largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, debt management, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information contact news@tsys.com or log on to www.tsys.com. TSYS routinely posts all important information on its website.
SOURCE: TSYS
TSYS Media Relations Cyle Mims, +1-706-644-3110 cylemims@tsys.com or TSYS Investor Relations Shawn Roberts +1-706-644-6081 shawnroberts@tsys.com
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