Citibank, Shoppers Stop Launch Co-branded Cards

Mumbai, October 23: | Updated: Oct 24 2002, 05:30am hrs
Citibank and Shoppers Stop on Wednesday launched a co-branded credit card with Mastercard International. Citibank also unveiled Citibank Financial Centre at Shoppers Stop in order to provide financial services to First Citizen Citibank members.

The First Citizen Citibank Mastercard will be available in two variants Silver Edge and Golden Glow. The holders of both the cards will get additional points on usage of the card at any of Shoppers Stop outlets. As a first step the duo has mailed gold cards across to the Gold members of the Shoppers Stop loyalty programme.

The financial centre will offer an entire gamut of services to the customers at a concessional rate other than core banking services: it will not accept deposits. This move has been made as the bank requires a permission from the Reserve Bank of India (RBI) for setting-up extension counters.

The bank will sell most of its asset and investment products from the centre. Speaking at the launch, Citibanks Head, Global Consumer Bank (India), Sarvesh Sarup, said, This alliance is the first of its kind in India. It is applicable in all existing stores across the country and also extends to the stores that will be set up in the future.

We will be opening financial centres in all the Shoppers Stop outlets across the country. The financial centre will, however, be manned by Shoppers Stop employees.

It is very difficult for a bank to differentiate its product in the market place since all banks give similar products. Alliances and partnerships will be a key differentiator in the market and we will increasingly take this route to increase our market share, Mr Sarup added.