ICICI Bank targets biz of USD 250 mn through travel card

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Kochi, Jan 23 (UNI) ICICI Bank today said it was targeting a business of 250 million USD through its travel card, which is set to become the "number one" in the country this year.

Announcing a tie-up with UAE Exchange, the bank said as overseas travel by Indians was growing at 50 to 60 per cent annually, the sector provided a ''goldmine of opportunities.'' An ICICI release here said the travel card, denominated in six world currencies, would now be available at UAE Exchange branches throughout the country.

The card, available in US, Australian and Canadian Dollars, Swiss Francs, Euros and Pound Sterling, can be used directly for shopping at more than 27 million merchant establishments and over one million ATMs.

Mr Arun Kumar Mishra of the ICICI Travel Cards Division said the ICICI card, which was launched four years ago, was set to become the number one travel card in the country.

Apart from round-the-clock medical assistance, the ICICI card also covered comprehensive accident and travel insurance. A replacement card was provided alongwith the primary card for the customers' convenience.

While the market share of traveller cheques and travel cards in India was almost the same at present, the demand for travel cards was growing at a faster pace, he said.

Mr V George Antony, Country Head, UAE Exchange, said retailing of the ICICI Bank travel card would help to expand the basket of services available to its customers.

Stating that his company had the highest market share in money transfer and exchage services in Kerala, Mr Antony said UAE Exchange had now diversified into ticketing, tours, insurance and financial advisory services also.


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