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February 14, 2000
SBI-GE Caps JV plans corporate card products
Planning a slew of products including a corporate credit card, the State Bank of India and its partner GE Capital today unveiled an ambitious target of issuing one million cards by March 2001.
Briefing the press at the completion of 250,000 cards, SBI Managing Director S R Iyer said that the SBI-GE Capital joint venture would leverage the personal banking capabilities of the State Bank of India to achieve the targets.
The corporate card would be the immediate next programme from the SBI stable. The card would be sold to big-time companies which bear the company expenses of their executives. ''We are also open to launching a global card and maybe a debit card at a later stage,'' Iyer said.
He said since the joint venture are still in the primary stage, they are not expected to make profit for the next few years.
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