Thailand-based TMB Bank is planning to double the market share of its credit cards business in 2014, with an aim to have nearly one million cards in circulation within the next five years.
TMB Bank executive vice-president Kanchana Rojvatunyu said the bank had not previously been very active in the credit-card business as its priority was to increase its retail customer base through innovative deposit products.
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The bank, which currently has 250,000 credit cards in circulation, has set a target to grow the credit-card business next year by at least 30%.
TMB Bank expects revenue from the credit card business to reach THB1bn ($32m) this year, increasing to THB2bn-THB3bn ($64.18m-$96.2m) in the coming years.
Rojvatunyu added that product features and pricing are the main strategies to help the bank achieve its ambitious plan.
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By GlobalData
