Royal Bank of Scotland's credit card operation joint venture with Bank of China, the country's third biggest bank, has reportedly signed up almost a million users in its first year.
Initially, the British bank’s controversial $1.6 billion investment was received with much skepticism, but its status is now seemingly encouraging, with the Financial Times reporting that the one million user milestone has nearly been reached.
Speaking to the Financial Times, Fred Goodwin, chief executive of RBS, also said that the bank’s second Chinese joint venture with regards to corporate lending and advisory services has led to transactions worth $1 billion this year. He also signaled that he was keen to further expand into the Asian market.
An anticipated third joint venture in wealth management is expected to be launched next year.