IDBI Bank acquires BNPs merchant portfolio
By Our Banking Bureau | 14 Sep 2002
Mumbai: IDBI Bank has acquired a portfolio of over 2,500 merchant establishments from BNP Paribas, the French bank.
This acquisition is in anticipation of the banks launch of its debit card. The banks Visa Electron Debit Card is to be issued to the banks over-6,40,000 customer accounts.
Following the French banks exit from retail banking a few months ago, the merchant-acquiring portfolio, spread across seven cities, was seen redundant.
The merchant acquiring business is estimated at Rs 10,000 crore per annum and is expected to grow at 25-30 per cent annually.