ICICI Bank to increase number of clients in Russia

Moscow, Sept 21 (UNI) ICICI Bank Eurasia is offering credit card debtors from other banks to start a new credit history in ICICI, ICICI Bank Deputy CEO Vladislav Voitsehovich said here.

The bank will transfer the debt of the client on any credit card from another bank to its Visa Gold.

''The customer will retain the old card without the debt and moreover will obtain our card with a limit increased by a quarter,'' Mr Voitsekhovich said.

Currently, the holders of ICICI cards are only 2000, but it will rise by four times by the end of the year, he said.

ICICI Bank Eurasia President Niranjan Limaye said, ''In India this programme allows to increase the issue of cards by one third of the amount already issued per month.'' Mr Limaye added the Russian and the Indian markets are very alike so customers should eagerly respond to this proposal.

The debt conversion to ICICI Bank Eurasia will cost 1.3 per cent of the whole transferred sum.

During the first half of a year, the client will pay 0.99 per cent per month from the sum of the debt. If the debt is not paid off by the end of this period, the monthly payment will increase to 1.99 per cent.

Those wishing to use this service of ICICI Bank Eurasia will need to present the card of the previous bank, account statement and passport.

So far this service is available only in Moscow and its adjoining region but will expand in the future.

Mr Voitsekhovich said ICICI bank will be more loyal to borrowers of 37 banks including Citibank, Russian Standard Bank and Alpha Bank.

UNI