New Delhi, April 11: IndusInd Bank Ltd today entered into an agreement with Deutsche Bank to buy its credit card business in India.
“With this acquisition, IndusInd Bank will look at expanding its wide range of customer-centric financial products and becoming a full service bank,” a Bank release said here.
Under the agreement, IndusInd Bank will get access to close to 2,00,000 card customers and the entire operating platform of the cards franchise including talent and technology.
Mr Sumant Kathpalia, Head Consumer Banking, IndusInd Bank said, “The strategic intent behind this acquisition is to offer targeted credit card products for chosen client segments. Cards are an important element in our segmented offering. Deutsche Bank has a stable cards portfolio and the acquisition gives us a head start in building the cards business.” Speaking of the acquisition, Mr Romesh Sobti, MD & CEO, IndusInd Bank said, “This will accelerate the launch of Credit Cards which we consider a critical link in our suite of Consumer Banking products.” IndusInd Bank, which commenced its operations in 1994, caters to the needs of both consumer and corporate customers. It has a robust technology platform supporting multi-channel delivery capabilities.
The Bank also has two Representative offices, one each in London and Dubai.
The Bank’s operations are aimed driving its business through technology. It has multi-lateral tie-ups with other banks providing access to their ATMs for its customers.
-Agencies