China Minsheng Banking Corp plans to almost double its credit card circulation in three years, sources said.

The Beijing-based bank targets a credit card circulation of 12 million in three years. It has issued 6.8 million credit cards so far as the fourth-biggest joint stock bank in credit card circulation.

In its three-year plan, the bank targets a yearly profit of 700 million yuan from its credit card center. The center posted a profit of about 200 million yuan (US$29 million) in the first half of this year.

An independent credit card company is also on the horizon, the source said.

(Shanghai Daily August 12, 2009)