ICICI Launches First UK Credit Card With CTL Processing

ICICI Bank (UK) Limited has launched its first UK credit card, a Visa Chip and Pin programme, using Card Tech Limiteds Processing service.

(PRWEB) December 3, 2004 -- Card Tech Limited (CTL), a leading UK-based card management systems provider and processor, is pleased to announce that ICICI Bank (UK) has launched its first UK credit card programme using CTL's Processing service. The programme complements ICICIs personal and corporate banking services aimed at professionals of Indian origin in the UK and EU.

Sonjoy Chatterjee, ICICI Bank UK's Managing Director and Chief Executive Officer, noted "We are very pleased to have been able to launch this
strategic programme with Card Tech, enabling us to be the first Indian Bank in the UK to launch a credit card."

Jaffar Agha-Jaffar, Managing Director of Card Tech, said "We are delighted to see the launch of ICICI's UK card programme and look forward to its success. Our relationship with ICICI in the UK via our processing service highlights CTL's flexibility to quickly deliver advanced solutions to the market."

Anand Kumar, Head of Retail Banking at ICICI, said "We identified CTL due to their partnership approach and proven delivery strategy. We are happy to see that our selection is vindicated by the launch of our new Visa Chip and Pin card today, only 4 months after the project began."

ICICI's Project Manager, Rohit Bhatnagar, said "We found CTL very flexible and experienced, enabling us to quickly complete the implementation and certification processes which resulted in our very fast time to market."

CTLs Processing service supports the issuing and acquiring transaction processing needs of over 20 clients from established centres in the United Kingdom and Cyprus. Whether issuing prepaid cards or more complex corporate cards, CTL Processing is a proven and dynamic partner, enabling clients to quickly meet market needs.

About Card Tech Limited
Card Tech Limited has been providing payment association certified solutions to the bankcard sector since 1989. More than 160 banking clients from 60 countries use CTL systems. CTL solutions include card issuance, merchant acquiring, authorisation, message switching, encryption key and PIN management, e-commerce and fraud management. Addressing every aspect of the card management business cycle, they are developed and supported by a dedicated team of over 250 CTL specialists in five regional offices.

About ICICI Bank (UK) Limited ICICI Bank Limited (NYSE:IBN) is India's second largest and fastest-growing bank. It operates over 4 million cards in India. The bank has set up ICICI Bank UK Limited, a wholly owned banking subsidiary offering a complete range of financial products targeted at corporations and high net worth individuals of Indian origin, for business banking and retail requirements.

Its first office and branch is located at Knightsbridge in London, and ICICI Bank UK is currently the only locally incorporated banking subsidiary among Indian banks in the UK. The bank is looking at opening branches in Wembley, Southall, Manchester and Leicester.

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