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July 05, 2010

  • News:  Changes In Store For India And American Express

    There's a lot of buzz in the New Delhi financial market as the credit card sector continues to grow. One of the most affluent card companies, American Express Banking Corporation, announced the appointment of Shailesh Baidwan as the new head of the Consumer Cards Operations in India. India is considered one of the faster more lucrative credit card markets today as the world undergoes a moderate recovery from a difficult and weak economy. In his release, Baidwan said that the American Express brand was a perfect match to the growing affluent Indian market. He also noted that the company will be aggressively pursuing those individuals looking for a premium credit card.

    The credit card market in India is once again experiencing a boom as the Reserve Bank of India (RBI) reported that the number of cards in circulation in April, 2010 increased to 19.29 million from 18.28 million in March. The increase is a clear sign that lenders are feeling more confident with cardholders' ability to repay debt. Not only are lenders pushing more cards into the system, they have also increased credit limits. With the current explosion of India's credit card market, it will be an exciting time for American Express as Baidwan plans to "take the size and scale of the business to the next level."

    American Express the parent company is headquartered in New York and operates in 130 countries around the world. American Express India is headquartered in Gurgaon, Delhi India where Baidwan will report to Sanjay Rishi, EVP & Asia Business Head, Emerging Payment and New Ventures for American Express. Baidwan has been with the company for six years. After gaining significant experience with other global companies such as Visa International, Baidwan joined American Express to run its credit card and lending divisions in Singapore. His duties include overseeing seven divisions in India which include Consumer Cards, Corporate Cards, Merchant Services, Business Travel, Global Prepaid Travelers' Cheques, Financial Centre East and American Express Service Centre.

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