Even as its long-time JV partner GE Capital is set to exit the business, SBI Card, the third largest player in the credit card sector in India, on Wednesday said its operations will continue to be ‘robust’ and it is eyeing the second position.
HDFC Bank is the market leader in the credit card space, while ICICI Bank is now the second largest credit card issuer in the country.
“In terms of credit spends we are already ahead of ICICI Bank, which has about 16% market share. Our market share stands at 15%. So, there is not much of a difference. We are eyeing the second position,” SBI Card chief executive office Vijay Jasuja told FE. There have been about 3.2 million credit cards in circulation with the company and total spends per month at present stands at R2,257 crore, which is growing at around 35% rate.
According to Jasuja, SBI Card’s operations would continue to be ‘robust’ even as GE Capital has decided to exit.
“Shareholders may come and go, but our business will continue to be robust as earlier,” he said. He, however, declined to divulge details on the process of getting a new investor. After deciding to exit the joint-venture, GE Capital has reportedly appointed Morgan Stanley in India to find a buyer for its stakes in SBI Card.