(Yicai Global) Dec.7 -- McDonald's and China CITIC Bank, an investor in the fast food chain's China unit, have teamed up to issue co-branded debit and credit cards and plan to work together in payment settlements and cash management at suppliers.

The pair will leverage their strengths to enhance their brand marketing and payments mechanisms, Guo Danghuai, vice president of CITIC Bank, said at a press briefing yesterday. The lender will also provide a range of financial services for McDonald's, he added.

CITIC and its affiliate CITIC Capital Holdings have been actively exploring areas to cooperate since they took over McDonald's China in August last year, joining forces with asset manager The Carlyle Group to take over the chain's local operations. CITIC Bank has a 52 percent stake and CITIC Capital holds 28 percent. 

The new cards will integrate both firm's resources and offer a preferential experience for cardholders, added Zhang Yichen, chairman of McDonald's China and chief executive of CITIC Capital.