China's largest commercial bank ICBC and China's bankcard association, China UnionPay (CUP) jointly launched credit card services in Frankfurt on Monday.

The Industrial and Commercial Bank of China (ICBC) currently has one third of the Chinese credit card market. With the new launch it becomes the first bank to issue China UnionPay card in Europe.

It is also the first time for China UnionPay to issue credit card settled through euro accounts.

The ICBC credit card with China UnionPay logo is designed as a tailor-made product for travelers between China and the rest of the world. It is supported by the widely accepting network of ICBC and China UnionPay in China as well as an expanding CUP network in Europe.

The card incorporates features like automatic repayment, e- banking and 24-hours toll free hotline services both in Chinese and English.

ICBC said that it would continue to launch promotions and offers to provide added value to customers in addition to routine functions.

A VIP Customer Service Center was also launched on Monday in Frankfurt to provide platinum and gold cardholders with standard card services as well as value-added services like tourism enquires, merchant guides and telephone home medical services.

In a related event in Frankfurt on the same day, ICBC and Chinese flag-carrier Air China launched the ICBC Air China PhoenixMiles Credit Card to combine the benefits of ICBC credit card and Air China's mileage card for frequent flyers. It is the first euro account credit card offered by Air China.

The integration offers the cardholders with incentives and services tied to Air China PhoenixMiles plan together with financial functions such as consumption, transfer settlement, deposit and cash withdrawal.