Public sector lender Indian Overseas Bank has partnered with payment service provider American Express to launch premium credit cards for its customers.
The cards thus launched would bear the logos of both entities, said IOB Chairman-cum-Managing Director, Mr M. Narendra.
"It is a momentous occasion for us... as two of the world's (banking) giants are coming together. It is a unique programme for IOB, who is in its platinum jubilee year. With this offering, we are becoming more and more customer centric", he said.
In the inital stage of the launch, the platinum as well as gold credit cards would be available only at the New Delhi, Mumbai and Chennai branches of the bank.
The lender has 500 branches in these cities.
"With this tie-up, our plan is to add 50,000 credit cards in three months and five lakh cards in the next two-three years," said Mr Narendra.
Speaking on the alliance, American Express Banking Corporation Country Manager and Consumer Card-Head, Mr Shailesh Baidwan, said " ...it marks a special beginning for two large financial institutions."
"This gives us an opportunity to expand our customer base. We will also be looking at new opportunities and offering new products through this partnership", he said.