IndusInd Bank in tie-up with Malaysian Airlines

Under the tie-up, platinum and signature cardholders of IndusInd Bank can book themselves on Malaysia Airlines' business class for flights originating from the country and can get their companion to travel for free, the bank said.

Mid-sized private sector lender IndusInd Bank, which entered the credit cards business by acquiring the loss-making portfolio of German banking major Deutsche Bank mid last year, tied up with Malaysia Airlines to offer discounted tickets to its premium category cardholders. Under the tie-up, platinum and signature cardholders of Indusind can book themselves on Malaysia Airlines' business class for flights originating from the country and can get their companion to travel for free, the bank said. Malaysian national carrier general manager, Western India, Nur Shaffik Haris said the airline, which operates 40 weekly flights from the country, is targeting a 20 percent jump in business class bookings through the tie-up. Bank's credit cards business head Anil Ramchandran refused to divulge details of the customer base but said even newer customers can avail of the offer, which will be on till the end of the year.

IndusInd had last April announced that it would be entering the credit cards business by acquiring DB's vertical with two lakh customers. Ramachandran said the credit card business is doing well and the bank will adopt a cautious approach on the vertical going forward. "Quality (of the portfolio) is the key, not the quantity," he said, adding the bank is also working on some more new product offerings on the premium segment.

In the late afternoon, IndusInd Bank was trading at around Rs241.50 per share on the Bombay Stock Exchange, 2.19% down from the previous close.

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