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SearchLIC ties up with other firms to start credit card firm
The Life Insurance Corporation (LIC) has entered into a memorandum of understanding with Corporation Bank, GE Money India, LIC Housing Finance Ltd. and LIC Mutual Fund AMC to create a new credit card company that would leverage the strengths of each company.
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The Life Insurance Corporation (LIC) has entered into a memorandum of understanding with Corporation Bank, GE Money India, LIC Housing Finance Ltd. and LIC Mutual Fund AMC to create a new credit card company that would leverage the strengths of each company.
The parties aim to finalise definitive agreements by end of October 2007.
The proposed venture would leverage LIC and Corporation Bank's strong brand and extensive branch, ATM, and sales distribution network and GE Money's global and local expertise in credit cards, business management processes, and technology-driven platforms.
The joint venture aims to become a major player in India's fast-growing credit card industry.
LIC aims to strengthen its relationship with its vast customer base by providing various value-added services such as credit cards.
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