IOB and American Express launch premium credit cards

Public sector Indian Overseas Bank (IOB) today launched premium credit cards in association with American Express, targeting elite customers.

As part of the initiative, IOB and American Express would jointly promote the cards that would feature both the company's logos, according to IOB CMD M Narendra told reporters h ere.

"It is a momentous occasion for us as two of the world (banking) giants are coming together. It is a unique programme for IOB which is on its platinum year. With this offering, we are becoming more and more customer centric", he said at a function to announce the launch.

The two Gold and Platinum credit cards offered would be initially available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai, he said.

Later speaking to reporters, Narendra said they currently have about 40,000 credit card customers. "With this tie-up our plan is to add 50,000 credit cards in three months and five lakh cards in next two-three years", Narendra said.

Stating that their tie-up with Indian Overseas Bank would help increase their subscriber base significantly, American Express Banking Corporation Country Manager and Consumer Card-Head Shailesh Baidwan said, "It marks a special beginning for a two large financial institutions".

Beginning today, American Express and Indian Overseas Bank would jointly promote and distribute the cards, he said.

"This gives us an opportunity to expand our customer base. We will also be looking at new opportunities and offering new products through this partnership", he said. As part of the launch, the first two Platinum cards were given to ace carnatic vocalist and "Padma Vibhushan" awardee Balamurali Krishna and popular Tamil actor Suriya.