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HDFC Bank launches INFINIA, India’s first ultra-premium credit card for the uber rich
-Card to be given ‘by-invitation only’-
Mumbai, July 12, 2011: HDFC Bank, the largest credit card issuer in the country, has launched India's first ultra-
premium credit card for the uber rich. Aptly named INFINIA, the card comes with virtually “no limits” - not just in
terms of spend, but also the luxuries such customers are accustomed to. The card will be initially offered to a select
5000 individuals.
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HDFC Bank is also one of the leading players in the private banking space with a thriving clientele comprising the
who’s who of India’s uber rich. With this initiative, the Bank is looking to revolutionize the way they live it up.
The recent ‘World Wealth Report’ by Merrill Lynch Global Wealth Management and Capgemini said India's High
Networth Individual (HNI) population grew 20.8% to 153,000 in 2010 with the country rising to the twelfth spot for
the first time and is now within striking distance of the top ten in the global pecking order. With this premium credit
card offering, the Bank plans to become the undisputed leader in this segment.
Speaking on the occasion, Mr. Aditya Puri, Managing Director, said, “INFINIA is a super-premium offering from us
to rich Indians. It is the culmination of a very successful journey that began in 2003 with the launch of our first card.
We always had the premium positioning, clientele and the proven ability to service them. But what prompted us to
conceive INFINIA was the need our clients felt for such a product. We are confident INFINIA will soon be the card
of choice for India's rich.”
Pralay Mondal, Country Head, Retail Assets and Credit Cards, said, “We want to see an INFINIA in the wallet of
every jet-setter in India. We derive this confidence from the fact that HDFC Bank already enjoys the highest mind-
and wallet-share in credit cards. With INFINIA, we will redefine the lifestyle experience of the elite.”
INFINIA will be available on both VISA and MasterCard platforms. The Bank has a credit card base of 50.5 lakh as
of March 31, 2011.
About HDFC BANK
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of
India's premier banks providing a wide range of financial products and services to its 21 million customers across hundreds of Indian cities
using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within
a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three
principal business segments.
The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over
the last 16 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and
asset quality.
As of March 31, 2011, the Bank had a distribution network with 1,986 branches and 5,471 ATMs in 996 cities.
For the quarter ended March 31, 2011, the Bank’s total income was INR 67.24 billion (`6,724.3 crore) as against INR 50.04 billion (`5003.9
crore) for the quarter ended March 31, 2010. Net revenues (net interest income plus other income) were INR 40.95 billion (`4,095.2 crore) for the
quarter ended March 31, 2011, an increase of 24.0% over INR 33.02 billion (`3,302.1 crore) for the corresponding quarter of the previous year.
Net Profit for the quarter ended March 31, 2011 was INR 11.15 billion (`1114.7 crore), up by 33.2% over the corresponding quarter ended March
31, 2010.
The Bank’s total balance sheet size increased by 24.7% to INR 2773.53 billion (`277,353 crore) as of March 31, 2011. Total deposits were INR
2085.86 billion (`208,586 crore), up by 24.6% over March 31, 2010.
Total income for the year ended March 31, 2011 were INR 242.63 billion (`24263.4 crore). |
