Top chaebol now No. 2 in credit cards

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Top chaebol now No. 2 in credit cards

Samsung Card, the credit card arm of top conglomerate Samsung, has become the No. 2 player in the local industry thanks to the company’s stepped-up efforts to boost its market share, sources said yesterday.

The market share of Samsung Card reached 14.1 percent in the second quarter of last year, trailing only Shinhan Card with 20.8 percent and outpacing rivals such as KB Kookmin Card and Hyundai Card.

KB Kookmin Card and Hyundai Card accounted for 13.3 percent and 12.7 percent, respectively.

Samsung Card, however, was the largest credit card issuer when excluding credit card companies that are affiliates of major banks including Shinhan and KB Kookmin.

The increased presence of Samsung Card came as the company successfully launched a new credit card service specifically designed to target different age groups and genders, according to the sources.

Samsung Card’s market share rose to 12.9 percent in the fourth quarter of 2011 from 10 percent in 2009.

The market share of KB Kookmin Card declined as the company decided to focus more on its debit card business, which dented profits from card loans, they said.

The market share of Lotte Card reached 8.8 percent in the April-June period last year, up 0.2 percentage point from three months earlier. Hana SK Card took up 3.8 percent.

Meanwhile, the rapid growth of Samsung Card is likely to help Samsung, which holds industry leaders such as Samsung Fire & Marine Insurance and Samsung Life Insurance under its wing, to hold an unrivaled position in the local financial market, the sources said. Yonhap
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