LIOC becomes HSBC Rewards’ sole fuel redemption partner

HSBC announced its new alliance with Lanka IOC PLC, an overseas venture of the oil giant, Indian Oil Corporation Ltd., to offer the bank’s loyal credit card holders more benefits and convenience.

The new agreement was signed on 19 October between HSBC Sri Lanka and Maldives Chief Executive Officer Nick A. Nicolaou and LIOC Managing Director K. R. Suresh Kumar.

Lanka IOC becomes the 33rd merchant to partner HSBC Rewards, whereby HSBC credit cardholders will, for the first time, be able to redeem their Rewards points instantly at 18 selected Lanka IOC fuel stations during the initial stage and subsequently enjoy this benefit at over 155 Lanka IOC fuel stations located islandwide.

Furthermore, as an additional benefit, HSBC credit cardholders will be able to double their Rewards points when they purchase fuel using their HSBC credit card at any of these fuel stations from November 2011 to April 2012.

Nicolaou stated: “As a result of our customer’s patronage, the HSBC Rewards programme has expanded significantly with many new redemption options and merchant preferences, making it increasingly accessible for HSBC card holders. Accordingly, we are pleased to have partnered with LIOC to offer our customers more value in rewards and instant redemption at partner stations islandwide.”

Suresh Kumar expressed his happiness on this agreement and stated: “Lanka IOC is committed towards customer delight and endeavours to provide value-added services at all petrol stations. After mass acceptance of branded fuels as XtraPremium and XtraMile by customers, this new tie up with HSBC credit cards will further add value of our offerings and will empower customers for redemption at Lanka IOC petrol stations.”

For instant redemption of HSBC Rewards, cardholders can visit the following Lanka IOC fuel stations: H.K.S. Ranasinghe, Bambalapitiya, Mineral Springs (Pvt) Ltd., Dematagoda, A.W. Ranasinghe, Colombo, Lanka Service Mart, (Pvt) Ltd. Maradana, Homagama, MPCS Ltd., Homagama, Kottawa Lanka Filling Station, Kottawa, Madawala Enterprises, Pannipitiya, S.R.B. Enterprises, Jaela, S.N. Jayasinghe, Peliyagoda, S&D Enterprises, Panadura, Liyanage Associates, Ratmalana, Felix Pereira and Sons, Colombo, Swasthika Mills Ltd. Havelock Road, Maharagama MPCS Ltd., Maharagama, Colombo South Central Cooperative, Kotahena, Sampath Enterprises, Mount Lavinia, Slip to Agencies (Pvt) Ltd, Colombo 10 and Leanfirm  (Pvt) Ltd., Peliyagoda.

HSBC Rewards is the bank’s popular customer loyalty programme which was launched in 2004 to offer cardholders points each time they use their credit card to shop. Having grown significantly over the years, the programme has introduced a variety of redemption options with instant redemption at partner outlets islandwide, conversion of Rewards points into Dialog Star Points, air travel partnerships with four of the top mileage Rewards partners: Kingfisher Airlines – Kingclub; Qatar Airways - Qmiles; Cathay Pacific Airlines - Asia Miles and Singapore Airlines – Krisflyer, and the Rewards e-catalogue, which details great redemption offers.

Lanka IOC PLC is a public limited company listed on the Colombo Stock Exchange with a turnover of Rs. 50.21 billion for the year 2009-10. The company was also ranked No. 1 amongst the best entities in Sri Lanka by LMD. Lanka IOC PLC is subsidiary of oil major Indian Oil Corporation Ltd., which is ranked 98th in the latest Global Fortune 500 listing.