Tuesday, Jun 09, 2009
Gulf News
Dubai: Emirates NBD on Monday launched its new credit card targeting the premium end of the retail banking sector.
The credit card launched in collaboration with Emirates airline's frequent flyer programme Skywards, and Visa Inc, will be available in two categories - Infinite and Platinum.
"Retail banking is one of our key focus areas& and we are always looking for opportunities for value-added products," said Suvo Sarkar, executive vice-president and general manager of retail banking at Emirates NBD.
"The world today is driven by strategic partnerships," Sarkar added.Emirates NBD is the UAE's largest bank by assets and one of the largest banking groups in the region.
According to Sarkar, the potential for the bank to tap more aggressively into the premium end of the market is a factor in the launch of the new products and initiatives aimed at high-end users.
"We've always been a strong player in the affluent market. In the past three to five years, there has been growth of between 15 and 20 per cent in this segment. The segment is important for the bank, not just in the UAE but also regionally," Sarkar said, adding that currently the bank is looking to increase its market share in this sector from the current 15-20 per cent, to 25-30 per cent.
Available to both existing and new customers, the Platinum credit card requires a minimum monthly salary of Dh18,000, while the Infinite credit card has a minimum salary requirement of Dh35,000.
According to R. Sivaram, vice-president and head of cards business at Emirates NBD, "These cards are aimed to consolidate our presence and share at the premium end of retail banking. At the premium end, the appeal of Skywards is very strong."
Last month Emirates NBD launched its new private banking centre at Festival City in Dubai, looking to cash in on asset and wealth management activities.
A wide range of rewards including an introductory 75,000 Skywards airmiles upon application for the Infinite credit card are available to customers.
Brian LaBelle, senior vice-president at Skywards, said that "with its unique benefits and exclusive travel privileges, the Emirates Bank Skywards Infinite and Platinum credit cards are set to be the perfect travel companion for cardholders."
The strategic association with Visa will allow the cards to be accepted in over 30 million outlets worldwide.
By Rachna Uppal, Staff Reporter
Gulf News 2009. All rights reserved.
