ICICI Bank and Kingfisher Airlines Launch Co-branded Credit Card

"IN BUSINESS"


Kingfisher Airlines, India's first true-value, full-service airline, in its constant attempt to provide enhanced value to its consumers entered into an agreement with ICICI Bank, India’s second largest Bank, to create a co-branded credit card that will allow its members a host of privileges and would also serve as an incentive to become loyal travelers of Kingfisher Airlines.

The target consumer for Kingfisher Airlines is the frequent-flying corporate traveler who seeks delight out of his flying experience. The Airline's offering is in line with the expectations of the globally aligned Indian who has high propensity to spend. This consumer is also the right potential target for ICICI Bank's premium credit card offerings and hence the fit between the two brands is strategically sound.

The ICICI Bank-Kingfisher Airlines credit card, which is being launched on the VISA platform, will be unique as in addition to the standard Gold credit card benefits, it would also carry a host of special, customized features available to every cardholder. The special features include privileged access to lounges & restaurants, with free refreshments, at domestic airports, access to almost 180 golf clubs in India through special tie-ups and special packages for Golf Holidays across the world.

The ICICI Bank- Kingfisher Airlines credit card holders will also be eligible for special invitations for premium lifestyle shows and events like fashion shows, movie premieres etc. Another unique feature that is available for the members of the ICICI Bank-Kingfisher Airlines credit card is a 24x7 Concierge service that gives the card holder personalized assistance across various cities in India with services ranging from car rentals to city guides and more.

Kingfisher Airlines would also recognize and incentivise its loyal consumers through a variety of benefits on the same co-branded credit card.

Adds Dr. Vijay Mallya, Chairman & Managing Director, Kingfisher Airlines Limited- "Kingfisher Airlines is the embodiment of the modern, global Indian. We are out to re-define the air travel industry in India by offering never-before value to the Indian air traveller. Ranging from our brand new aircraft to the unique Kingfisher Class experience, Kingfisher Airlines is committed to provide only the best to its guests. It is in line with this that we have chosen to align with ICICI Bank - the leader in the credit card industry in the country, to create a unique co-branded credit card. This alliance will also further strengthen the corporate relationship that The UB Group has enjoyed with ICICI Bank"

Said Mrs. Chanda Kochhar, Executive Director, ICICI Bank “We are pleased to be associated with Kingfisher Airlines as it gives the Bank an ideal opportunity in the growing co-branded segment to provide customers with a different set of lifestyle features in addition to a better travel and shopping experience. At ICICI Bank, enhancing customer benefits has always been one of our objectives. The Bank has entered into successful partnerships across segments and remains committed to provide such value-added services to our customers”.

Uttam Nayak, Deputy Country Manager – South Asia, Visa International said, “Visa is delighted to partner with ICICI Bank and Kingfisher Airlines to present this exciting co-branded product. As a leader in India, Visa believes in forging relationships that will lead to enhanced value for its end customer. This is a winning partnership - Kingfisher Airlines provides a vibrant and exciting new flying option, ICICI Bank has always developed unique products for customers and this is underlined by the Visa global system, the world’s most robust electronic payment network that links a billion cardholders and 21 million merchants around the world. This relationship is truly ready for take-off! ”

About Kingfisher Airlines

Kingfisher Airlines is India's first private airline to commence operations with a brand new fleet of aircraft. Kingfisher Airlines is a value-based airline and provides an unparalleled experience in the domestic civil aviation market in India. Among other features, Kingfisher Airlines offers world-class in-flight entertainment with personal video screens for every seat. On offer is a wide choice of five video and ten audio channels, extra-wide seats and spacious leg room, delicious hot meals, international class cabin crew and a whole host of joys and delights.

About ICICI Bank

ICICI Bank (NYSE:IBN) is India’s second largest bank with an asset base of Rs 1,676.59 billion as on March 31, 2005. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Bank services a growing customer base of more than 13 million customers through a multi-channel access network which includes over 570 branches and extension counters, 2000 ATMs, call centres and Internet banking (www.icicibank.com). ICICI Bank runs one of the largest credit card programmes in India with over 3.3 million cardholders.

About Visa

Visa connects cardholders, merchants and financial institutions through the world’s largest electronic payments network. Visa products allow buyers and sellers to conduct commerce with ease and confidence in both the physical and virtual worlds. As an association owned by 21,000 member financial institutions, Visa is committed to the sustained growth of electronic payment systems to support the needs of all stakeholders and to drive economic growth. For more information, visit www.corporate.visa.com.

Visa Asia Pacific

In Asia Pacific, Visa has a greater market share than all other payment card brands combined, with 62 per cent of all card purchases at the point of sale being made using Visa cards. There are currently 238 million Visa-branded cards in the region. In 2004, US$475 billion was spent at point of sale or withdrawn from ATMs in Asia Pacific using Visa cards. Visa Asia Pacific’s Internet address is www.visa-asia.com.