IOB-American Express launches premium credit cards

Chennai: Public sector Indian Overseas Bank today launched premium credit cards targeting elite customers in association with American Express.

As per the association, IOB and American Express would jointly promote the cards that would feature logo's of both the companies, IOB CMD M Narendra told reporters here.

"It is a momentous occasion for us... as two of the world's (banking) giants are coming together. It is a unique programme for IOB, who is in its platinum jubilee year. With this offering, we are becoming more and more customer centric", he said.

Initially, the Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai.

Currently, IOB has about 40,000 credit card customers, Narendra said adding that, "With this tie-up our plan is to add 50,000 credit cards in three months and five lakh cards in next two-three years".

Stating that their tie-up with Indian Overseas Bank would help increase their subscriber base significantly, American Express Banking Corporation Country Manager and Consumer Card-Head Shailesh Baidwan said " ...it marks a special beginning for a two large financial institutions".

Beginning today, American Express and Indian Overseas Bank would jointly promote and distribute the cards, he added.

"This gives us an opportunity to expand our customer base. We will also be looking at new opportunities and offering new products through this partnership", he said.

As part of the launch, the first two Platinum cards were given to ace carnatic vocalist and 'Padma Vibhushan' awardee Balamurali Krishna and popular Tamil actor Suriya.

Source: Financial Express