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Citibank India says it will set up joint venture with Mumbai-based retailer Reliance Retail that would issue credit cards. Each company will invest 2.5 billion rupees (US$52 million or 38.7 million euros) into the venture, a Citi spokesperson tells CardLine Global. The venture will issue co-branded credit cards and other loans, ideally to Reliance's existing customers, the spokesperson says. Reliance operates more than 1,000 stores and has 4 million customers. Citi has issued more than 3.8 million credit cards in India. Officials did not offer a firm start date for the venture.
