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ICICI bank is the largest private sector bank In India and
claim a lions share of the credit card and debit card numbers
in India and claim to be the largest consumer credit providers
with 60% of their credit portfolio comprising of retail consumers.
They offer with the Megamart credit card the convenience of
750 branches, 3180 ATMs’ in India and 22 million merchants/outlets/ATMs’
that will accept their card. A co-branded Megamart-ICICI debit
card could also be in the offing according to ICICI Bank gm
and head of cards products group, Sachin Khandelwal.
Among the other major retailers for whom ICICI have co-branded
cards are Big Bazaar, Central and among the airlines both
Air Deccan and Kingfisher co-branded cards have been issued
by them. ICICI has a credit card customer base of 7.5 million
out of the 22 million credit card users in India and a huge
chunk of the 70-75 million debit card users. ICICI pan promotional
activities for the Megamart card, however Khandelwal did not
have the figures that would be spent towards these acticivties.
Credit card purchases have been rising by 25% per month and
were around Rs.35-40 billion in India last month according
to Khandelwal who expects even larger credit purchases what
with the Gold festival and Akshya Trithya being celebrated
in South India later this month.
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Arvind
Brands(AB) coo J Suresh plans to ramp the number of stores
by ten with investments of Rs.300-400 million to the end of
this year and expects revenues to increase from last years
Rs.1 billion to Rs.1.5 billion by March 2008. During the next
five years, Suresh plans to increase the number to 150 outlets
in 100 cities, which includes tier 2 cities. Already Megamart
stores have been opened in cities such as Warangal, Vizag
and Guntur. Over five years, Suresh expects revenues to cross
Rs.15 billion. Megamart outlets are company managed according
to Suresh. Since the outlets are discount stores, promotion
spends are limited to 2-3% of revenues revealed Suresh. On
the AB anvil are repositioning of four of their brands over
the next twelve months.