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Mumbai - January 6, 2006 - SBI Card announced that it has crossed
the two million card customer milestone.
SBI Card, a joint venture between GE Money and State Bank of India
(SBI) that began in 1998, has experienced double-digit growth by
combining SBI's market presence and strength as a trusted brand
with GE Money's global expertise in technology, business processes,
and international leadership in innovative financial products and
services.
The size of the Indian credit cards market is estimated to be about
$4
billion and is growing at 35% per year. SBI Card, with its rapid
expansion plans, aggressive investments in large co-branded card
deals and technology to enhance customer experience, aims to be
the preferred credit card provider in India for consumers across
all segments of society. SBI, India's largest and most trusted bank,
has over 14,000 branches nationwide and 6,000 ATMs - the largest
ATM network of any bank in Asia outside Japan.
"Two million cards is a significant milestone and we are very
pleased
with our customer feedback and loyalty to SBI Card's product offerings,"
said Roopam Asthana, CEO of SBI Card. "We have made a commitment
to understanding and addressing our customers' dynamic financial
needs. Only in this way can we continue to deliver the most innovative
and differentiated products to consumers across the entire spectrum
in India."
By leveraging GE Money's sophisticated analytics and risk management,
investing in state-of-the-art technology, and utilizing GE's Six
Sigma/Lean processes to eliminate inefficiency and waste, SBI Card
offers some of the fastest turn-around times for approval and cash
in the market. It answers 500,000 customer service calls and processes
and delivers a million cards a month.
SBI Card offers tailor-made products which no one else in the market
can offer, such as the LG Card, with the largest durables and electronics
company in India, and the Hero Honda Card, with the world's largest
maker of motorcycles, as well as the Lifestyle Card, a Visa card
with 'Lifestyle' (a part of the Landmark group) - one of India's
largest premium multi-branded retail store chains. For customers
who wish to leverage their spending power for a good cause, SBI
Card offers a co-branded Visa card with four leading NGOs: National
Association of the Blind, SOS Villages of India, World Wildlife
Federation, and Cancer Patients Aid Association.
With sizeable investments in people, technology, and processes,
SBI Card plans to launch a number of exciting new products in 2006
to continue the momentum it has built in India.
About SBI Card
SBI Card is a joint venture between State Bank of India and GE Money
to offer Indian consumers extensive access to a wide range of world-class,
value-added payment products and services. The partnership leverages
the competitive advantages of SBI's brand equity, 100% blind brand
recall, customer relationship and incomparable market presence with
GE Money's global expertise and experience in technology and processes,
Six Sigma approach to quality, world class customer service, retail
marketing, product development and risk / credit management. The
partners have set up two joint venture companies to develop SBI's
payment card business in India -- SBI
Cards & Payment Services Pvt. Ltd. which focuses on the marketing
and distribution of SBI Card and GE Capital Business Processes Management
Services Ltd., which handles the technology and processing needs
of SBI Card. With over 2 million credit cards, SBI Card has co-branded
card relationships with Apna Bazaar, Hero Honda, LG, Lifestyle and
United Bank of India.
ABOUT GE MONEY INDIA
GE Money is one of the leading providers of financial services to
consumers and retailers in India, offering a range of innovative
financial
products to suit its customers' needs. It has a strong retail distribution
network in over 5,500 outlets across 60 locations and is a leader
in a wide range of products including auto finance, two wheeler
finance, consumer durable finance, personal loans and home equity
loans. Strong operations backed by the latest information technology
support the product lines. Its CRM program is among the most successful
customer retention programs in India and a single database housing
nearly 2.4 million customer accounts, latest technology, and centralized
operations ensure the best service standards in the industry. With
strong joint venture partners in Maruti and State Bank of India,
GE Money continues to add value to its customers and partners in
India.
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Sachin Talwar/Phiroza Choksi, R&PM:Edelman, Mumbai
Mobile: +91-9820016483/+91-9820363681
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