Shenzhen Commercial Bank Launches its First Credit Card with Ping An and China UnionPay

SZCB Launches its First Credit Card
with Ping An and China UnionPay

-- Offering most comprehensive coverage in China --

(21 May 2007) Shenzhen Commercial Bank (“SZCB”), a subsidiary of Ping An Insurance (Group) Company of China, Ltd. (“Ping An”), has officially launched its Ping An Wanlitong Affinity Card in Shenzhen. It is the first credit card issued by SZCB after Ping An successfully completed the integration of its banking businesses. The affinity card provides the most comprehensive protection than any card in China, underlining the advantages brought about by the combined resources of Ping An’s banking and insurance operations.

A Ping An Wanlitong Affinity Card Launch Ceremony and Press Conference was co-organized by Ping An, SZCB and China UnionPay Company Ltd. (China UnionPay). About 500 guests attended the event, including representatives from the Shenzhen Municipal Finance Bureau, the Shenzhen branch of the People’s Bank of China, the Shenzhen office of China Banking Regulatory Commission, the management of China UnionPay, Ping An and SZCB, as well as customers and agents of the Shenzhen branch of Ping An Life Insurance. The launch of the Ping An Wanlitong Affinity Card marks the beginning of full cooperation between SZCB and China UnionPay.

Cardholders can benefit from comprehensive protection and 24-hour services, such as air travel insurance of up to RMB 2 million, overseas hospitalization coverage up to RMB 5,000 and lost card protection if the loss is reported within 48 hours. The affinity card will feature the SZCB UnionPay VIP Club logo on face, which will allow card holders to enjoy unparalleled privileged lifestyle and discount offers at designated shops. Moreover, card holders will only need to pay as little as 5% of the statement balance, will enjoy a waiver of the first year annual fee and will earn up to 50 times bonus points. The affinity card allows its users to experience “unrivalled protection and supreme benefits”.

Ping An Wanlitong Affinity Card combines the advantages offered by SZCB credit cards, Ping An Wanlitong insurance products and the quality service of China UnionPay. Launched last year, Ping An Wanlitong insurance products incorporate eight major features, including air travel insurance of up to RMB 1 million and a hospital deposit guarantee for worldwide emergency aid. They are well received by customers with business lifestyle, and have received the “2006 Excellence Award for Product Innovation” in the “Corporate Competitiveness Award” in 2006.

With the combined resources of banking and insurance operations, not only is the competitiveness of both Ping An and SZCB substantially enhanced, their service quality and brand power are also significantly improved. The cross-industry cooperation creates a win-win situation for both companies and marks a milestone for Ping An as it develops itself into an integrated financial conglomerate. Sun Jianyi, executive vice president and vice chief executive officer of Ping An, said in the press conference, “Ping An is determined to develop itself into an integrated financial group with a diversified portfolio. The banking operation is one of our three pillar businesses. The launch of the Ping An Wanlitong Affinity Card is one of the most important steps since the founding of our banking business towards achieving this goal.”

China UnionPay president Wan Jianhua said, “The launch of the Ping An Wanlitong Affinity Card shows how an insurance brand and a bankcard can successfully be blended together and complement each other. With the support from Ping An and China UnionPay, I am sure the affinity card that offers comprehensive protection and other value-added services to cardholders will be as warmly received by the market as the Wanlitong insurance products. China UnionPay will continue to work with its member organizations to bring secure, convenient and enjoyable payment services to cardholders. We will continue our efforts at the development of bankcard business in China.”

“With the strong customer base of Ping An and the tremendous room for growth in the Chinese financial market, I believe that our bankcard operation will perform well despite fierce competition in the market,” said Richard David Jackson, president of Shenzhen Commercial Bank.

~ End ~

About China UnionPay Company Ltd.

China UnionPay Company Ltd. was established on 26 March 2002. As a bankcard association in China, it has developed the CUP brand of worldwide recognition on its own. China UnionPay continues to explore more acceptance locations around the world so as to compete with other major players in the international market. It commits to making a positive contribution to product innovation and to the development of new payment channels and integrated services for cardholders.

Reference

Currently, China UnionPay has 147 member institutions and has issued 310 million cards, of which 8.59 million are credit cards. China UnionPay cards are accepted in Hong Kong and Macau as well as some cities and merchants in 23 countries. Affiliated overseas merchants total 68,119 while the number of points-of-sale terminals and ATMs total 97,611 and 324,690 respectively.