A recent press release from HDFC bank said that the bank, which is the country’s second largest private lender, has entered into a strategic alliance with Diners Club International to offer Diners Club premium credit cards to the country.
According to the statement of the bank, HDFC which is already the country’s largest credit card issuer will extend its sudden entry into the super premium segment to extend its services to the upper rich class customers with the help of this alliance.
The bank has currently has around 5 million credit card customers and 18,000 – 20,000 new customers are added each month.
It would be a re-entry for the diners into the domestic market as it was previously associated with Citibank, whereas for HDFC this would be their third premium card. The bank already has two premium cards in operation such as Infenia premium credit cards and Regalia brand of travel cards.
Diners Club International which was set up in the year 1950 is a subsidiary of New York Stock Exchange – listed Discover and it is the leading credit card issuer and electronic payment services provider worldwide.
According to a statement given by Mr.Rajive Chandha the strategis alliance with HDFC would ensure Diner Club International’s continued commitment to expand its brand in this market. The bank has recently hiked interest rates on loans and deposits making its home loan, car loan, personal loan snd other retails loans expensive.