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Bank of East Asia Ltd., Hong Kong's third-biggest bank, has become the first foreign lender allowed to issue debit cards in China, letting it compete more effectively for the nation's $2.7 trillion of household savings.

Bank of East Asia's preparation for its yuan-denominated bank card operations has passed evaluation by the People's Bank of China, the lender said in an e-mailed statement today.

Though bank cards, foreign lenders can add more automatic teller machines and online banking, expanding coverage and brand awareness. Foreign banks' combined branch network is less than one-hundredth that of China's four biggest state-owned banks.

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