The Hindu Business Line : DCB ties up with ICICI Bank for cards biz

Mumbai, March 4 Development Credit Bank has tied up with ICICI Bank to foray into credit card business. ICICI Bank will provide required expertise, skills, reach and infrastructure while DCB will provide the customer base.

DCB plans to tap 50,000-100,000 customers for credit cards this year. The bank currently has five-lakh customers. “The credit card market in India is currently under-penetrated and the growth in this segment is expected to be high,” said Mr Gautam Vir, Managing Director and Chief Executive Officer, Development Credit Bank.

DCB has plans of making investments in the capital market. “We will consider getting into the capital markets at the appropriate time,” said Mr Vir refusing to divulge further details.

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