News Release Details
IndianOil, Citibank launch new CitiBusiness co-brand card for Small Businesses & Professionals
New Delhi 12-Sep-2007
India’s leading energy brand IndianOil and Citibank, pioneers of the co-brand card product in the petroleum business, today marked a decade of successful partnership with the launch of a new co-brand card exclusively targeted at the burgeoning Small Businesses & Professionals (SBP) community.
The IndianOil-CitiBusiness card was formally launched in the Capital today in the presence of Mr. A.M.K. Sinha, Executive Director (Retail Sales), IndianOil and Mr. T.R. Ramachandran, Business Manager (Cards & Unsecured Loans), Citibank India ., and other senior functionaries of IndianOil and Citibank.
IndianOil and Citibank came together in 1997 to launch the country’s first co-branded fuel credit card in the country. In 2003, they partnered to launch the IndianOil Citibank Debit Card, the Gold Card in 2004, and in 2006, both companies partnered Maruti, the largest auto-maker in the country, to introduce the country’s first ‘Loyalty cum Rewards Programme’– the Maruti Suzuki Autocard.
The success of the partnership is demonstrated through the patronage of close to 1 Million customers for whom IndianOil-Citibank cards are the preferred way to pay for fuel purchases at IndianOil Petrol Stations, transacting fuel business worth of Rs.400 crore per annum.
Speaking at the launch of the new card, Mr. A.M.K. Sinha said, “For IndianOil, leadership means forever innovating. As the largest energy brand in the country we have been constantly introducing new products that will provide customers enhanced value as well as give them an opportunity to be a part of the exciting IndianOil Retail experience”, he said. “The introduction of the IndianOil Citibusiness Gold Card is the latest in the bouquet of offerings from the decade-old IndianOil and Citibank partnership”, he added.
In his address, Mr. T.R. Ramachandran said, “As pioneers of the Card industry in the country, we have always focused our products and programmes on delivering a well thought-out proposition to address customer needs. Fuel is undoubtedly amongst the top expenses for small businesses and professionals and we are delighted to expand our partnership with IndianOil to create a valuable savings advantage for the small businesses and professionals community in this area. As key contributors to India’s continuing economic vitality, SBPs are a priority customer group for Citibank, and enrolment through the Card on the CitiBusiness platform will provide customers a truly differentiated, holistic and timely response to their need for community and advisory.”
The IndianOil-Citibusiness card delivers a comprehensive bouquet of benefits to the SBP highlighted by enhanced credit and cash limits and access to CitiBusiness PowerAccess, a first-of-its-kind one-stop treasure chest containing a complete assortment of value-added services and exclusive deals and discounts on business-related requirements from 11 empanelled renowned and reliable service providers. This card also has the richest rewards program in the country and delivers upto 5% of savings on fuel purchase on the Card at IndianOil petrol stations including a 2.5% surcharge waiver. As part of the IOC-CitiBusiness Turbo Rewards Program, customers will receive 4 Turbo Points per Rs.150 spent on fuel purchases at IndianOil outlets and 1 point per Rs.150 on all other spends. Reward points will be redeemable against fuel purchases at IOC outlets.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
IndianOil is currently India’s largest company by sales with a turnover of Rs.2,20,779 crore (US $51 billion), the highest-ever for an Indian company, and profits of Rs.7,499 crore (US $1.73 billion)for fiscal 2006. IndianOil is also the highest ranked Indian company in the prestigious Fortune ‘Global 500’ listing, having moved up 18 places to the 135th position this year based on fiscal 2006 performance. Several landmark surveys continue to rate IndianOil as the dominant energy brand in the country. ET Brand Equity placed IndianOil as the ‘Most Trusted Brand’ and ‘Top Service Brand’ while the Reader’s Digest-AC Nielsen Survey awarded it the Gold Medal for the Most Trusted Petrol Station. IndianOil’s leadership extends to its energy brands – Indane LPG, SERVO Lubricants, Autogas LPG, XtraPremium Branded Petrol, XtraMile Branded Diesel, XtraPower Fleet Card, IndianOil Aviation and XtraRewards cash customer loyalty programme.
