A recent press report said that Indian Overseas Bank has launched premium credit cards, targeting elite customers in association with American Express. Mr. M. Narendra, Chairman and Managing Director of the bank told the press that IOB and American Express would jointly promote the cards that would feature logos of both the companies.
He added saying that initially, the Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai. He also said that IOB has about 40,000 credit card customers, and the bank has planned to add 50,000 credit cards in three months and five lakh cards in next two-three years with the tie-up. IOB has been making strides in lending in the retail loan segment. Personal loan, Home loan etc are in its product offering
American Express Banking Corporation Country Manager and Consumer Card-Head Mr.Shailesh Baidwan said that the tie up will mark a special beginning for a two large financial institutions and would jointly promote and distribute the cards. He added saying that the tie-up will give an opportunity to expand the customer base and will facilitate new opportunities and offer new products.