BANGKOK, Thailand--(BUSINESS WIRE)--Feb. 20, 2006--GE Money announced today that it has formed a strategic alliance with IRCTC (Indian Railways subsidiary) through SBI Card, its joint venture with State Bank of India (SBI).
Indian Railway Catering and Tourism Corporation Limited (IRCTC), a subsidiary of Indian Railways, and SBI Card will launch its first-ever frequent traveler program and co-branded credit card -- the SBI Railway Card. The world's second-largest railway and the world's largest employer with 1.54 million employees Indian Railways carries over 14 million passengers daily.
"The SBI Railway Card was launched specifically to meet the need for efficient payment processes by India's growing number of consumers," said Mr. Roopam Asthana, CEO of SBI Card. "Our partnership with Indian Railways enables us to serve a whole new segment of customers who want more value from their travel and retail experience."
Passengers will be able to use the SBI Railway Card to book tickets online and accumulate points under the new frequent travel program. Online bookings are growing at a rate of 100 percent per year. The card also features a specially-commissioned and exclusive sketch by renowned Indian cartoonist, Shri R K Laxman.
"We are pleased to announce this alliance with Indian Railways because it gives us the opportunity to meet the needs of a rapidly growing customer base in India with an exciting and innovative first-of-its kind product," said Vishal Pandit, President and CEO of GE Money India.
GE Money's JV with State Bank of India (SBI), which 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. SBI Cards today has more than 2.3 million cards in force and is India's largest VISA Card issuer.
Note to Editors
The size of the Indian credit cards market is estimated to be about $4 billion and is growing at 35% per year.
Industry experts estimate that the size of the Asia credit card market is about US$150 billion and growing at 15-20% year on year for the next three years.
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.
ABOUT GE CONSUMER FINANCE
GE Consumer Finance, known as GE Money in Asia, is a unit of the General Electric Company. It has more than $150 billion in assets and is a leading provider of credit services to consumers, retailers, and auto dealers in 49 countries around the world. GE Consumer Finance, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://geconsumerfinance.com.
ABOUT GE
GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
GE Money Asia
Jin Montesano, +662 627 4445
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340