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LIC is expected to launch it credit card joint venture by the year-end

Credit card joint venture of LIC expected by year end

Apnaloan.com Research Bureau

13 May 2008

The credit card joint venture between Life Insurance Corporation of India (LIC) and GE Money is likely to launch its first product by the year end. As reported by Business Standard, Chief Executive Officer Hemant Bhargava said, "Yes, the venture has been delayed. But we have sorted out those issues (conflict of interest). Currently, we are looking at human resources-related issues. We are planning to launch the card by the end of the calendar year," he said. "We do not have a problem with GE Money's presence." he added.

Once the credit card is launched it would be offered only to LIC's customers in the first year. GE Money has a 30 per cent stake in the card venture, while LIC Housing Finance Company, LIC Mutual Fund and Corporation Bank have 5 per cent each. LIC will have 40 per cent in the company, which is capitalized at Rs.150 crore. LIC is yet to take a view about the remaining 15 per cent stake.

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