Select a page

Banking News

ICICI and HSBC boost their credit card base in India

ICICI and HSBC boost their credit card base in India

(28 March 2013 – India) Hong Kong and Shanghai Banking Corporation (HSBC) and India’s ICICI Bank have both started to expand their credit card base, the first expansion since 2008-09. Analysts believe both banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.

ICICI Bank had 2.84 million credit cards at the end of January 2013 compared to 2.82 million in December 2012 and 2.77 million in November.

HSBC’s credit card base in India rose to 502,757 in January from 501,631 and 501,229 in the previous two months.

HSBC India said it continues to grow its credit card business in a cautious and calibrated manner.

On the other hand, ICICI has increased its focus on cross-selling of credit cards to its existing customers. It said most of the growth in card numbers is being generated from this segment.

The credit card base of ICICI and HSBC fell every month between April 2011 and October 2012, said the Reserve Bank of India, the central bank.
East & Partners's avatar

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.