ING Vysya Bank launches Zwipe Savings Account

At the beginning of February 2011, Eli Leenaars, CEO of ING Retail Banking Direct & International, and a member of the Management Board Banking, visited ING Vysya Bank in India.

During the visit, Eli Leenaars attended the launch of the ING Zwipe Savings Account. The new account is positioned as a ‘lifestyle’ product, and the black debit card aims to appeal to urban, upwardly mobile customers in the 25-35 year age group.

The account offers customers access to a large number of privileges across dining, entertainment, designer clothing and travel. It is an attractive offer for the young, brand-conscious target group, which also demands good value for money. And with growing aspirations and affluence in India, this customer segment is one of fastest-growing in the country.

“The Indian retail market comprises a relatively young population and that makes it very attractive,” Leenaars said in an interview with Indian newspaper The Economic Times. “About 50 million people a year in India become ‘bankable’ – that is 10 million households a year, about the size of France – meaning that it is a very fast-growing market.”

The Zwipe launch event was held in Mumbai, and was attended by more than 350 guests. The highlight of the event was a show by the acclaimed fashion designer, Neeta Lulla, featuring some of India’s top models, and the event received plenty of media attention.

As mentioned, Leenaars also took part in an interview with The Economic Times newspaper during his visit to India. In the article he speaks about the economic climate in India, and how to avoid the same setbacks that banks experienced in Europe and the US with the financial crisis. He also talks about the future of ING in India, and what ING Vysya Bank means to ING as a whole.