GE Money announced today that SBI Card, its joint venture with the State Bank of India (SBI), crossed the landmark 3 million cardholders milestone. The 2nd largest Card issuer in India, SBI Card is unique as the only Non-Banking Finance Company (NBFC) issuing credit cards in India and the incredible success of the card underscores its value to customers.
Commenting on this occasion, Mr. Roopam Asthana, CEO of SBI Card said, ?This milestone is even more remarkable as we have added 1 million cardholders in just 10 months. Our objective is to accelerate the pace of growth by extending the benefits of SBI Card to a broader range of Indian consumers in Tier II cities, along with improved value propositions for the urban affluent customers.?
?We have already increased our sourcing locations from 41 in 2002 to the current 109. In addition, we are ramping up our sales force from 5,000 to 7,000 by December 2006, for increased productivity.?
Thanking the partners for this success, Mr. Asthana, said, ?Our association with Indian Railways, Lifestyle, LG, Go Air, Vishal Mega-Mart, Hero Honda and Tata for co-branded cards has been one of the major factors in our success and we look forward to forging more successful partnerships in the future.?
SBI Card has grown at an impressive CAGR (Compounded Annual Growth Rate) of 45% on spends & customer assets since the year 2000.
?As Indian consumers become more sophisticated and discerning, our continued customer growth shows the strength of our strategy,? said GE Money India President and CEO, Mr Vishal Pandit. ?By bringing GE?s global practices and strong risk management to partnerships with leading Asian companies such as SBI, we provide innovative products that reflect a deep understanding of Indian consumers.?
Reflecting the partnership?s dedication to the local market, and to reach out to a younger, more urban target audience, SBI Card recently signed up famous Indian cricketer Yuvraj Singh as its Brand Ambassador and introduced a festival campaign this year — ?Jo Dikhta Hai Wohi Milta Hai Offer? — “What you see is What you get.”