New Delhi, July 27, 2005: SBI Card, one of the largest Visa Card issuers in India with over 1.7 million credit cards and LG Electronics India Pvt Ltd. (LGEIL), the leader in Consumer Electronics and Home Appliances, today announced the launch of the LG - SBI Card.
The LG - SBI Card is India's first co-branded credit card for the consumer appliances industry and can be used at more than 2 lac outlets in India and more than 30 million outlets around the world displaying the Visa logo. Bringing together two of India's power brands, the LG - SBI Card will leverage the extensive national distribution networks of both LG and SBI Card to drive penetration.
Designed as a customer loyalty and rewards program, the LG - SBI Card combines all the well-known features of SBI Card with a series of exclusive rewards, benefits and promotional offers from LGEIL for the co-branded cardholder. LGEIL markets one of the most sought after range of Consumer Electronics, Home Appliances, Mobile Phones and IT Products. As leaders with a turnover of Rs 6500 cr, LGEIL sold 8 million products last year alone. Over last seven years LGEIL has touched lives of more than 20 million customers across the country. This customer base is expected to increase to 30 million by the end of this year. The card is an attempt at understanding LG customers and offering more in products, service and offers as rewards for their association with the brand.
Announcing the launch, Mr. K R Kim, President South West Asia, LGE and MD LGEIL said, "The LG - SBI Card brings together two leading companies in their industries, both with a reputation for quality products, experience in providing superior customer service, and innovation. LG's product leadership is driven by our cutting edge technology, design and functionality but our market leadership is the result of a relentless drive to make the experience of our customers an unrivalled one. Through the LG - SBI Card, we hope to get even closer to our customers and drive long-term relationships with them."
Mr. Roopam Astana, CEO, SBI Card said, "SBI Card is always looking for innovative ways to add value and convenience to our cardholders. Developing new partnerships is a key part of our business strategy. LG, with its leadership position in the consumer appliances industry and its wide distribution network, was the natural choice to be our partner for this co-branded card."
He added, "Our goal is to be the card of choice for today's frequent shopper. The LG - SBI Card will introduce the benefits of SBI Card to a new and wider group of smart consumers who are looking to consolidate their spending and earn multiple benefits in return. LG SBI cardholders will enjoy the convenience and financial flexibility of this new co-branded credit card, which not only allows them to buy now and pay later in parts, but also to aspire for higher-end products by taking advantage of the exclusive offers they will earn from LG."
On buying a product from LG, a consumer is eligible for this internationally valid co-branded card -- absolutely free for the first year. The LG - SBI Card comes packed with exclusive offers and fabulous deals from LG & SBI Cards throughout the year. Some of the prominent features offered on the LG - SBI Card include:
SBI Card adopts a long-term strategy to set industry benchmarks in customer service, supported with the use of state-of-the-art technology and the widest customer support and distribution network in the country. Its goal to expand the market for credit cards has been built on:
LG Electronics India Pvt. Ltd., a wholly owned subsidiary of LG Electronics, South Korea was established in January 1997 in India. One of the most formidable brands in the consumer durable and home appliances segment, LGEIL has an impressive portfolio of Colour Televisions, Washing Machines, Air-Conditioners, Microwave Ovens, Refrigerators (Direct Cool and Frost Free), PCs, Vacuum Cleaners, Audio Systems, DVDs, PDPs, optical storage devices, Laptops and GSM mobile phones. In India for over eight years, LG has earned a premium brand positioning due to its superior quality, high product performance, revolutionary technological delivery and warm service. LG is the acknowledged trendsetter for the consumer durable industry in India with the fastest ever nationwide reach, latest global technology and product innovation.
LGEIL has achieved a turnover of Rs 6500 crore in 2004 and aims to be a USD 10 Billion company by 2010, with an investment of USD 250 million allocated over the next five years to the Indian market. LGEIL's first manufacturing unit at Greater Noida is one of the most eco-friendly units among all LG manufacturing plants in the world. The new and second Greenfield facility of LG Electronics India located at Ranjangaon, Pune has the capacity to manufacture Color Televisions, Air Conditioners, Refrigerators, Washing Machines, Microwave Ovens and Color Monitors and is operational since October last year. LGEIL also plans to produce 20 million mobile handset units by 2010 at this new state-of-the-art facility -- This will be India's first mobile phone manufacturing unit.
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.
For more information, please visit www.sbicard.com
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