SIB hops on to co-branded card wagon with Citi

Thrissur-based South Indian Bank (SIB) has announced the launch of SIB Citibank Visa Credit Card, a co-branded international credit card in partnership with Citibank.

In addition, SIB has plans to move up north and extend its base by opening new branches there.

The co-branded credit card launched in association with Visa International will be offered to SIB customers in Kerala. “We are very glad to join hands with Citibank to launch the card.

This step helps us complete the bouquet of services that we provide to our customers,” said Valsan, chief general manager, SIB.

While SIB will handle customer access, marketing and distribution, Citibank will take care of scrutiny and processing of applications.

“The customer’s financial needs have evolved beyond what a bank can provide. Considering this trend, it is a win-win situation for both SIB and Citibank,” said T R Ramachandran, business manager - cards, Citibank India.

Valsan also elaborated on the bank’s expansion plans which includes the opening of the bank’s branches in Dehradun, Jammu, Lucknow, Rajkot and Thane, among others, within a fortnight.

Of its 456 branches, around 400 are networked and plans are on to network the rest by February 2007.

The branch network will cover 23 states and the total business is expected to touch approximately Rs 20,000 crore by March 2007. SIB’s total business stood at above Rs 18,224 crore at the end of September 2006.

For the first half of fiscal 2007, net profit stood at Rs 56.72 crore, exceeding profits for the entire fiscal 2006, which were Rs 50.90 crore. The bank’s advances have increased by Rs.1,279 crore from Rs 6087 crore to Rs 7,366 crore in H1 of 2007.