SBI Card ties up with Kerala-based bank CSBNovember 14th, 2007 - 2:57 am ICT by admin
Announcing the decision, Roopam Asthana, CEO SBI Card said: “This is a strategic tie-up with CSB to further our focus of Partnership Card Programmes in India. We are very pleased with this partnership and through this Credit Card; we shall support CSB’s efforts to expand their product offering to its ever-increasing customer base.”
Asthana said that the credit card penetration in the country is only 2.8 per 100 people, which is half of the credit card usage in China.
SBI Card, the second largest Credit Card issuer in the country with 3.5 million card holders has grown at an impressive CAGR (Compounded Annual Growth Rate) of 45 per cent, on spends and assets since the year 2000.
R Venkataraman, Chairman, Catholic Syrian Bank, said, “We are delighted to partner with SBI Card for this unique co-branded credit card product. This will enrich our product offering to Retail Banking customers and significantly support our future business growth strategy.”
He also said, “This credit card offers its customers a ‘Life Time Cash Back’ on retail spends, an unmatched offer among co-branded credit cards in the country”.
The CSB Credit Card is developed with the popular international credit card franchise “Visa International”.
CSB, founded in the 1920s, is the oldest private sector bank in Kerala. It has a customer base of 1.2 million, 80 per cent of which is living in rural or semi-urban areas where credit card penetration is quite low. (ANI)
- SBI, Airtel form Rs.100 crore mobile banking venture - Jan 12, 2011
- Capitol One to acquire HSBC's domestic credit card business for $2.6 billion - Aug 10, 2011
- Need to shift from cash to electronic payment: Subbarao - Aug 03, 2012
- SBI Cards expects Rs.2,700 crore total asset base - Sep 13, 2012
- Subprime credit card offers on the rise - Jan 13, 2011
- Credit card number falls as banks get cautious - Nov 17, 2011
- Volvo ropes in Srei BNP Paribas to offer finance - May 11, 2011
- Subprime Credit Card Offers Are On The Rise Offers - Jan 13, 2011
- RBI permits PayPal exporters $3,000 per transaction - Oct 15, 2011
- Mumbaikars top list of online shoppers: Assocham - Jul 03, 2011
- Metro Bank Opens Its Doors For Public - Jul 29, 2010
- BankMuscat goes online with Nucleus software product - Oct 08, 2011
- Yepme to turn fully-online men's fashion house - Aug 10, 2011
- Indian menswear brands holding own against international labels - Aug 06, 2012
- ISB event to provide start-up businesses access to funding - Dec 01, 2011
Tags: business growth strategy, cagr, card product, catholic syrian bank, compounded annual growth rate, credit card issuer, credit card usage, csb, customer base, international credit card, kerala, partnership, penetration, private sector bank, product offering, roopam, sbi card, syrian, time cash