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Standard Chartered to expand branches in India
By siliconindia
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Wednesday, 09 October 2002, 19:30 IST
LONDON: Standard Chartered Bank, India's largest issuer of credit cards plans to undertake a massive drive to increase its credit card base in the country.
The company also plans to increase its operations by adding more branches across the country.
The bank, which integrated with Grandlays Bank last month, would increase the number of its branches from 61 at present to 80 in 2003 and 100 by 2004," Jaspal Bindra, chief executive officer of the bank in India told reporters in London yesterday.
Standard Chartered already has 1.3 million credit card subscribers and the number was growing at the rate of 35,000 per month, he said adding it has earned a net profit of $76 million in the first six months of this year.