HDFC Bank, the largest
credit card issuer in India, has agreed a deal with US card issuer
Discover for HDFC to issue Diners Club credit cards in
India.
HDFC, India’s
second-largest private sector bank after ICICI, will also provide
merchant acquiring services for Diners Club in India.
Go deeper with GlobalData
HDFC will also provide
merchant acquiring services for Diners Club in India.
Pralay Mondal, country
head, retail assets and credit cards, HDFC Bank, said: “HDFC Bank
enjoys the highest mind and wallet share in credit cards in India.
To add to that, HDFC Bank and Diners Club will now form a powerful
combination that has the potential to redefine the lifestyle
experience of the Indian elite with its global reach, exclusive
privileges and customised personal services.”
Rajive Chadha, president
of Discover subsidiary Diners Club International, said:
“Our strategic
partnership with HDFC Bank demonstrates our continued commitment to
expanding our brand in India, which is recognised as one of the
world’s key emerging markets.”
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By GlobalDataAs of June 30, 2011,
HDFC had a distribution network of 2,111 branches and 5,998 ATMs
across 1,111 towns and cities in India. For the three months to 30
June, HDFC posted a net profit of INR10.85bn ($220.3m), up 33.7%
from the same period a year ago.
HDFC started to issue
credit cards in 2001. By the end of March, its total credit cards
in issue had grown to over 5m; in addition, HDFC’s debit card base
totals around 9m.
