Credit Card News
PNB identifies JV partners for credit card business
Friday,14th September 2007
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Punjab National Bank (PNB) will collaborate with
Venture Infotech Global Pvt and American International Group Inc (AIG)
consortium as joint venture partners for
the bank's proposed credit card business. The joint venture subsidiary would
exclusively deal with all aspects of credit
card business. PNB informed the stock exchange that the proposed business will start in the first quarter of the next fiscal, subject to RBI and government approval. The decision to this effect was taken in the board meeting held on , September 13, 2007. The bank, at present, offers co-branded international credit card in alliance with Hong Kong & Shanghai Banking Corporation Ltd (HSBC), while for the debit card the bank has tied-up with Mastercard. Once the new entity takes off, the tie-up with HSBC would cease and the bank would ensure that the existing credit card holders do not have any problem. PNB has plans to set up a joint venture bank in Bhutan. For more
information on credit card in India click here |
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