SBI and GE Capital came together in 1998, to create SBI Credit Cards Payment Services. Both the giants aim at leveraging mutual strengths in the areas of customer reach and technological excellence. Starting late, SBI cards launched several innovative schemes, charged reasonable rates of interest on card outstanding, and offered several attractive features like co-branding of cards and rolled out their services in a planned and gradual manner to Tier II cities. They reached a milestone of three million cardholders in 113 cities across India in 2006 and achieved a market share of 14%.
SBI Card was formed as a Joint Venture between GE Money and SBI in 1998, with two legal entities being set up—SBI Cards and Payment Services Pvt. Ltd., which is the front-end organization looking after sales, marketing and risk management, and GE Capital Business Process Management Services Pvt. Ltd., which is the back-end organization looking after the entire processing and back-end support of the credit card operations.
SBI brings to the table its large distribution network (over 13,000 branches and over 6,000 ATMs), a highly respected brand, and brand values of honesty and trustworthiness. GE Money brings to the table best-in-class technology and processes (leveraging GE's famed Six-Sigma orientation), global experience in financial services, and strong marketing, branding and risk management credentials. |
