By Mark Johnson
Retail banking group, Rakbank, teams up with NMC Group to launch cross-branded credit card in the United Arab Emirates (UAE).
The joint venture, in association with MasterCard, will give NMC’s one million or so customers access to a credit card with no annual fee – for life – and a low rate of interest of just 1.5%, on outstanding retail balances.
All three companies said the deal marked a significant change in the way financial institutions and service companies will view – and presumably treat – their customers from now on, as the card would also offer customers a range of discounts and benefits that stretch from medical treatments (including x-rays, MRIs and ultra sound) to dining out and buying jewellery.
The key message was delivered via an upbeat and refreshingly non-financial oriented video, which highlighted the venture’s commitment to the “health, wealth and happiness” of its consumers.
Although it may seem an unlikely grouping the NMC, Rakbank, MasterCard claims to combine NMC’s strong consumer-based strategy with Rakbank’s innovative customer-focused initiatives and new technology, providing customers with a greater choice of competitive financial services and an extensive range of health benefits.
Rakbank general manager, Graham Honeybill, said: “We are pleased to announce this partnership with NMC, a corporation known for its expertise and professionalism in a wide range of services to consumers.” He added that NMC hospitals were among the most efficient in the Emirates with state-of-the-art equipment and specialisations.
Murray Sims, head of personal banking at Rakbank, said the card would be offered to customers mainly via direct mailings, and that they expected take up of the card to be measured in “five figures” within six months.