Mumbai, India (PressExposure) October 17, 2007 -- Mumbai: ICICI Bank, India's second largest bank in collaboration with vPOST, the largest e-commerce site in South East Asia and a service provided by Singapore Post, today announced an exclusive online shopping service for the bank's customers. The service allows ICICI Bank credit card customers to shop at popular U.S. merchant websites.
ICICI Bank is the first bank in India to extend such a service to its customers. The collaboration with vPOST will allow ICICI Bank's customers to shop at U.S. websites for a variety of products and enjoy the convenience of having the products delivered to their doorstep. ICICI Bank customers can save as much as 15% on vPOST shipping charges and shop in a safe online environment, as vPOST is one of the online merchants which has been awarded the TrustSg seal by the National Trust Council in Singapore. Mr. Sachin Khandelwal, Head - Cards Group, ICICI Bank said, "As a leader in the credit card market it is our constant endeavor to offer our customers innovative offerings and options to shop at various locations. The growing e commerce market in India has induced a lot of consumers to shop online. The association with vPOST will increase the boundaries of online shopping and avail the special privileges."
On the collaboration, Mr Lester Chia, Vice President of vPOST, said, "We are happy to extend this online shopping service to ICICI Bank's customers through this strategic tie-up with the bank. ICICI Bank's customers will be able to enjoy a one-stop service as they shop beyond their own shores, with vPOST providing a safe shopping environment and taking care of the delivery from point-to-point. We believe this partnership is the start of many more tie-ups between both parties as we aim to deliver more value-added services to ICICI Bank's customers."
About ICICI Bank: ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of Rs. 3,569.32 billion as on June 30, 2007. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 950 branches and extension counters, 3,515 ATMs, call centres and internet banking (www.icicibank.com) to ensure that customers have access to its services at all times.
About Singapore Post Limited: SingPost is a trusted household name in Singapore providing mail, logistics and retail services. vPOST is one of the business units of SingPost that provides online shopping services. In Singapore, SingPost also owns one of the largest retail distribution networks through its tri-channel platform of post offices, Self-service Automated Machines (SAMs) and vPOST, its internet portal. With its extensive network, SingPost provides a one-stop convenience to its customers for a wide range of products and services, including agency, postal and financial services. Disclaimer:
Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.
These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.