Hongkongbank, Stanchart Win Visa Awards

HongkongBank has won the Visa award for most consistent growth in the credit card business while Standard Chartered Bank won it for consistent growth in issuance of cards.

The awards were given for the Indian operations of both the banks in the recently concluded members' conference of Visa held in Bangkok.

While Standard Chartered has been awarded for having the most consistent growth rate in card issuance and card-member spendings, HongkongBank has been awarded for having the largest number of merchant tie-ups.

According to the HongkongBank spokesperson, the bank has tie-ups with 2000 merchant establishments so far.

The number of transactions processed by HSBC cards were 65 lakh amounting to Rs 3,000 crore per year. Moreover, 95 per cent of transactions were on electronic data capture terminal.

 

In the case of Standard Chartered, the bank has maintained growth rates of 33 per cent per cent in 1997 and 1998, and 40 per cent in 1999. Its card-member outstanding has grown by 53 per cent in 1997, 61 per cent in 1998 and 44 per cent in 1999.