Speaking on the occasion, IndusInd Bank managing director and chiefexecutive officer KR Maheshwari said: ``Credit cards are not our corecompetence and therefore, the bank has tied up with HSBC. The card will helpto offer our entire range of services to our customers.''

The IndusInd Bank credit card which will be launched in the next 8-10 weeks,will have worldwide acceptance at 17 million establishments and five millionHSBC ATMs and MasterCard Cirrus ATMs. The card processing and customerservice along with managing the receivables will be done by HSBC. IndusIndwill also offer preferred pricing for other products of the bank for holdersof the card.

HSBC chief executive officer Zarir J Cama said: ``It is a good opportunityfor us to increase our card business. IndusInd Bank will market anddistribute the credit card to its customers while HSBC will support the cardprogramme by providing card issuance, credit and collections.''

IndusInd Bank has decided to increase its ATM network from the present 30 to50 by the year-end and around 150 by 2003. The bank will also be adding 6branches within the next two months-one each in Jodhpur, Nagpur, Surat,Gurgaon and two branches in Mumbai. The bank will also be increasing itsbranches to 50 by the year end.

``In line with the RBI guidelines, the IndusInd Bank promoters -Hindujas-will be offloading around 15 per cent of its stake, from around 55 per centto 40 per cent, to an European or an American Bank by September 2000. Theprospective investor will provide business and technology support to thebank,'' Maheshwari said.

According to IndusInd Bank executive vice-president, Fali F Forbes, ``Thebank will also be launching a debit card soon. Eventually, the bank wants tobecome a financial supermarket. As of now, the bank sells only Sun FMCmutual funds. We will start selling mutual funds of other companies in thenear future.''

HSBC will also be starting a new branch in Ahmedabad by July and the bankhas applied to RBI for opening two more branches: one in Chandigarh and theother in Pune. ``The ATM network of the bank will also go up from 71 to 90by the year end and 250 by 2003. The bank will also be launching its debitcard by the end of the year or by the start of the next year,'' Cama said.