Life Insurance Corporation of India (LIC) has signed a memorandum of understanding with GE Money India, Corporation Bank, LIC Housing Finance Limited and LIC Mutual Fund AMC to establish a new credit card company. LIC had engaged KPMG to advise it on its entry into the credit card business and the identification of the joint venture partners.
The new company will be headed by Mr Hemant Bhargava as its CEO and will have its headquarter in the National Capital Region in the vicinity of New Delhi. LIC chairman Mr T. S. Vijayan said, “This joint venture brings excellent management skills, the credit card experience and an unparalleled distribution network under one roof, and we look forward to work together to become a major player in India’s fast growing credit card industry.” GE Money India Operations CEO Vijay Pandit said,”The credit card market in India offers significant opportunity for growth.”
“We look forward to leverage our expertise in the consumer financial services to enable this partnership to become a strong credit card player,” he added. LIC is celebrating its 51st anniversary in the current year and aims to strengthen its relationship with its vast customer base by providing various value added services like the credit card facility. Through this joint venture, LIC aims to offer the premium payment facility to its policyholders through LIC credit cards. This will provide added convenience and service to the policy holders, and also bring down the transaction costs of LIC.
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Friday, September 7, 2007
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