SBI Card ties up with Kerala-based bank CSB

November 14th, 2007 - 2:57 am ICT by admin  
Kochi, Oct 27 (ANI): The SBI Card has joined hands with Catholic Syrian Bank CSB in Kerala for its ‘Partnership Card Programmes’.

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)

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