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| Sunday, 1 August 2004 |
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Pan Asia launches Lanka's first micro credit card by Elmo Leonard Pan Asia Bank Ltd (PAB) claimed the most customer preferred bank in Sri Lanka, last week launched the country's first micro credit card. With it, Pan Asia entered into an agreement with Sampath Bank to be affliated agents for Master Card, the bank's Managing Director, R Nadarajah told the media. PAB, a young bank, less than ten years in existence, is beginning to reap what it has sewn in plural terms. With it, the bank is now in the process of venturing into new areas including American Express for travellers cheques, Nadarajah said. The card comes in two categories, Silver - for those earning Rs 25,000 per mensum and Gold - for earners of Rs 100,000 per month. Pan Asia is intent on customer satisfaction than serving the mass market. Answering questions, the bank's chairman Abeyratne Bandara said that Pan Asia had 12 branches at year-end (last) and by end-2004 projects 16-17 branches. The new mini card carries the trademark, MasterCard SideCard. PAB claims it is the premier offering from Master Card International.The card is expected to revolutionise the local credit card industry with its trendy style and versatility, the bank's deputy CAO, Bradley Emerson said. PAB also claims that the card comes with a host of unique features and benefits ranging from one of the most competitive interest rates in the industry, to credit card debt buying. Credit card debt buying refers to a feature that enables a card member to transfer the existing balance on his/her current credit card to the PAB Micro card on which he/she will enjoy the benefits including free personal accident insurance to the value of SLR 250K, to cash advances (one of the highest in the industry) free delivery of cash/foreign exchange etc which will compliment the design and versatility of the card. The PAB Micro card will be supported by a dedicated 24 hour card services centre. PAB is investing in this sophisticated, state-of-the-art card product launched in selected, high developed markets such as the USA and UK and believe that this product will be the vehicle to penetrate the highly profitable yet extremely competitive card market in Sri Lanka. The strategy adopted is to appeal to both the fashion conscious trend setting younger generation and the more conservative mature consumer via the unique design of the card. With its multi/exclusive features and benefits offered and the quality customer servicing standards of this card services, centre the bank aspires to compete with the best brands in the market, Bandara said. |
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