China Merchants Bank and Renren to Pioneer Social Credit Card
BEIJING, June 13, 2011 /PRNewswire-Asia/ -- China Merchants Bank (HKSE: 3968.HK) ("CMB"), a leading commercial bank in China, and Renren Inc. (NYSE: RENN) ("Renren"), the leading real name social networking internet platform in China, today jointly announced a plan to issue a co-branded "Renren CMB" credit card with social features.
This credit card program will be a globally innovative pilot that pioneers the combination of social, location and mobile services. CMB will offer information about, and services provided by over 10,000 of their merchant partners through Renren's Location Based Services. When the co-branded credit card holders "check in" from their current locations through Renren's Location Based Services function, they will receive promotional information from CMB merchant partners located in the vicinity.
In addition, a wide range of loyalty incentive programs will also be offered by both Renren and CMB for the co-branded credit card applicants and holders.
Renren CMB co-branded credit card is expected to be issued in July 2011.
Mr. Jialong Liu, General Manager of CMB Credit Card Center, said, "We are very excited about this partnership with Renren. This is truly a milestone in the socialization of financial services. Renren has a large base of young, highly educated users. We very much look forward to attracting many loyal consumers to our financial products through innovative social services provided by Renren."
Mr. Joseph Chen, Chairman and Chief Executive Officer of Renren, said, "Social networking is increasingly penetrating many aspects of people's lives. We are very pleased to have the opportunity to work with CMB, one of the best commercial banks and the leading credit card issuer in China, on this important project. Through this co-branded credit card program, we see a business model we previously envisioned start to materialize, combining social, location and mobile services to make people's lives more convenient, more informed, and more fun!"
About China Merchants Bank
China Merchants Bank ("CMB") is a leading commercial bank in China. Founded in 1987 and headquartered in Shenzhen, CMB is dually listed in Shanghai Stock Exchange and Hong Kong Stock Exchange. As a leading retail bank in China, CMB has an extensive customer base and provides them with diversified financial products and services. As of December 31, 2010, CMB had 73 branches, 749 sub-branches (including outlets), 2 exclusive branch-level operation centers (a credit card center and a small enterprise credit center), 1,913 self-service centers and 8,193 self-service cash machines (including 2,860 ATMs, 5,333 self-service circulation machines), among others. In addition, CMB also has branches and representative offices in Hong Kong, Taipei, New York and London. CMB has received many domestic and international awards, including 2010 "Best Retail Bank" by The Financial Times, and "Best Private Bank in China" by Euromoney, The Assets, and The Financial Times.
Renren Inc. (NYSE: RENN) operates the leading real name social networking internet platform in China. It enables users to connect and communicate with each other, share information and user generated content, play online games, listen to music, shop for deals and enjoy a wide range of other features and services. Renren's platform includes the main social networking website Renren.com, the online games center game.Renren.com, the social commerce website nuomi.com, and the newly launched professional and business social networking service website jingwei.com. It had approximately 117 million activated users as of March 31, 2011.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement, as well as Renren's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in Renren's registration statement on Form F-1, as amended, filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
SOURCE Renren Inc.