Private sector lender Bandhan Bank on Friday announced its foray into the credit cards business in partnership with Standard Chartered Bank, the country’s largest international bank.
Three variants of co-branded credit cards will be issued to the non-microcredit customers of Bandhan Bank. For this co-branded credit card business, Standard Chartered Bank will provide the back-end supports as well as the credit.
On the collaboration with Standard Chartered Bank, Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank, said, “There is a lot of work at the back-end. Through this partnership, it will be easier and quicker to provide the service. They (Standard Chartered) have good experience in the international market as well as in the Indian market. We are only four-years old, and we don’t have that much of experience in the credit card business. So, we have gone for collaboration.”
Zarin Daruwala, CEO, Standard Chartered Bank, said, “Credit call will be taken by us, but clearly the customers will be that of Bandhan Bank. This is a first such partnership for us with a bank. The idea is to cover as many customers of Bandhan who fit our credit filters and certainly the idea is to scale it up further.”
Bandhan Bank has launched three variants of co-branded credit cards called One for the mass market, Plus for the affluent segment and Xclusive for the premium segment. With 1,000 branches across the country, the Kolkata-based bank has around 40 lakh non-micro credit borrowers at present.
Standard Chartered Bank currently has 100 branches in 43 cities in India. Its key business segments include corporate & institutional banking, commercial & private banking as well as retail banking. Daruwala said launching the co-branded credit cards with Bandhan Bank will help Standard Chartered increase its own credit card business further. In India, the bank has 1.2 million credit cards with the total market size at 49 million cards.
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