RBS, Bank of China in Credit Card Ally.

(From SinoCast China Financial Watch)

BEIJING, March 03,. 2, SinoCast -- Bank of China is to set up an independent credit card center together with the Royal Bank of Scotland, announced the second largest Chinese lender. A Beijing-based spokespeople said the state-controlled BOC and Royal Bank of Scotland have established a managerial committee, which is to take charge of the credit card business. A Royal Bank of Scotland-led consortium has acquired a combined 10 percent stake in BOC with formal approval. The transaction came at a price of up to USD 3.1 billion. It is BOC's strategy to improve its retail business including bankcard and wealth management, which are …