SBI Cards which posted a net loss of Rs 150 crore in 2007-08, will have no change in partnership though, Mr Bhatt maintained, adding that a new business strategy is on the anvil to assist the JV in the profit path in 2008-09.
“Besides appointing a new CEO, some senior experienced hands from SBI will be deputed there. We’re also in talks with GE Money to work out the revised strategy,” Mr Bhatt told reporters here.
Asthana on way out?
SBI Cards currently has a marketshare of 12 per cent among 26.6 million credit card holders in India. With a total customer base touching nearly 3.1 million, SBI Cards is marginally ahead of Citibank.
The poor show of the JV, sources say, forced a recast of the top management and Mr R Asthana, the present CEO, is believed to be on his way out. Mr Asthana who took over the charge in 2004, used to head the Credit Card division in HSBC.
