Citigroup has unveiled plans to issue cash cards to account holders through its newly-incorporated China subsidiary, Reuters reported. If the move is approved by regulators, Citigroup will become the first foreign bank to offer cash cards independently in China. Citigroup, HSBC, Standard Chartered and Bank of East Asia launched their locally-incorporated units on Monday. The restructuring should allow them to offer the full range of local currency financial services in China, including cash cards. Richard Stanley, chairman of Citibank China, gave no specific time frame for issuing the cards as negotiations with regulators are ongoing. But he did rule out an own-brand renminbi credit card for the time being as the bank already has a credit card operation with Shanghai Pudong Development Bank. Citigroup will also further develop ties with China Unionpay, which runs China's interbank transaction network.