Dena Bank in tie-up with SBI to launch its new credit card

Dena bank soon will be signing an agreement with State Bank of India to launch its new credit card, to make its market position strong.

Dena bank's Chairman and Managing Director P L Goirala told reporters that, "Even 10 years after launching the Dena credit card, we have not been able to make much dent in the market. Hence we decided to go ahead with the SBI."

He informed that the final shape to the agreement will be given in the next one month wherein all the formalities will be completed.

"Our talks are in advanced stage. SBI will handle all the back office functions and other process... It will be mostly on revenue sharing basis," he said.

Goirala agreed that in spite of being in the credit card business for last ten years, they have not been able to forcefully drive the product in the market.

He informed that the new card will carry logos of Dena and SBI together.

At present Dena Bank is having 1165 branches and 325 ATMs. "This quarter the deposits have gone up by 23.82 per cent as against the last year and gross credit by 26.55 per cent," he said.

He told bank has opened 26 new branches during 2007-08 and have plans to open 25 more this year and adding up150 ATMs to its chain.