The country’s second largest private lender HDFC Bank entered into a strategic alliance with Diners Club International to offer the latter’s premium credit cards in the country.
The alliance will help HDFC Bank, which is already the country’s largest credit card issuer, to further extend its foray into the super premium segment to address the uber rich clientele,” the bank said in a statement.
The bank has around five million existing credit card customers in the country and it adds 18-20,000 new customers a month.
HDFC Bank country head for retail assets and credit cards Pralay Mondal said, “HDFC Bank enjoys the highest mind and wallet share in credit cards. We and Diners Club will now form a powerful combination that has potential to redefine the lifestyle experience of the elite with its global reach, exclusive privileges and customised personal services.”
While for Diners, it will be a re-entry in the domestic market, as it was earlier associated with the Citibank, for HDFC, this will be their third premium card. The bank already has Infenia premium credit cards and the Regalia brand of travel cards in operation.
“Our strategic partnership with HDFC Bank demonstrates our continued commitment to expanding our brand in this market,” Diners Club International president Rajive Chadha said. According to industry sources, there are around 50,000 Diners cardholders already in the country.
Diners Club is a subsidiary of the New York Stock Exchange-listed Discover, which is a leading credit card issuer and electronic payment services provider worldwide. Set up in 1950, Diners Club was the world’s first multi-purpose charge card available across 185 markets.