Dena Bank, SBI to launch co-branded credit card
By Ankit Sharma
Oct 30, 2008
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A co-branded credit card of Dena Bank and State Bank of India is soon going to float in the market.

Dena Bank Chairman and Managing Director P L Gairola said, "We have plans to launch co-branded credit cards with SBI."

The banker said that their credit card was not making any profit and therefore they decided to tie-up with the country's largest lender, State Bank of India.

Dena bank plans to expand their network by opening 26 new branches, 12 retail assets centers and 108 off-site ATMs by the end of current fiscal.

The core banking solution of the bank will also see a roll-out of 342 more branches that would cover around 74% of the bank's business.

For the second quarter ending September 30th, Dena Bank witnessed a growth of 11.59% to Rs102.83 crore over Rs 92.15 crore in the corresponding period a year ago. Total income of the lender has risen by 19.51% to Rs913.64 crore from Rs 764.5 crore in the same period last fiscal.

Dena Bank has recently announced an increase in interest rate for its fixed deposit scheme.


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