GE Money's Credit Card Joint Venture with State Bank of India Reaches 2 Million Card Customer Milestone

GE Money announced today that its joint venture in India with State Bank of India – SBI Card – has reached the two million card customer milestone, making it a leading player in the highly competitive and fast-growing consumer finance market.

GE Money’s partnership 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.

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.

“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.”

As Asian economies enjoy some of the highest growth rates in the world, consumers are becoming more affluent and sophisticated about their consumer credit options. 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.

“GE Money’s rapid expansion and growth in Asia has been powered by successful partnerships with key Asian players such as SBI and a strategic commitment to truly knowing the Asian consumer. Our focused marketing strategy is backed by sophisticated analytics and risk management as well as advanced operations platforms that are well ahead of other providers,” said Dan Harsono, Vice President and Chief Marketing Officer for GE Money Asia.

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 stores chains. For customers who wish to leverage their spending power for a good cause, SBI Card offers a co-branded Visa 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 the Indian market.