Thomas Cook signs an agreement with State Bank of India to
Holiday Savings Plan to the bank’s customers
Mumbai, February 4, 2016: Thomas Cook (India) Ltd., India’s leading integrated travel and travel related financial services company, announced a partnership with State Bank of India (SBI), India’s largest Bank, to offer the Thomas Cook Holiday Savings Account (HAS) to the bank’s customers.
Through this offering, SBI’s Online Banking customers will be able to pre-select a holiday from Thomas Cook and save for it through a recurring deposit with the Bank. The offer is a top up instalment at the end of the period from Thomas Cook India. Customers will be offered an inflation-proof holiday as they pay for a future holiday at today’s prices, while earning interest on the linked e-Recurring Deposit. Should they change their mind due to a change in circumstances they can always opt out of the holiday package at any stage at zero cost. Those who stay invested will receive a final top up from Thomas Cook India.
The Holiday Savings Account involves a simple online process: 1) Select the holiday package from Thomas Cook India’s portal and 2) log-on to www.onlinesbi.com to start a recurring deposit account with SBI based on the cost of the holiday. The cost of the package tour is split into 12 monthly instalments with a free 13th instalment via a combination of accrued interest and a top-up from Thomas Cook India. The Thomas Cook Holidays offered are all inclusive packages (Domestic and International) with return airfare, transfers, accommodation on twin share basis, all meals, sightseeing and taxes.
Mr. Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd., said, “We are delighted to partner with State Bank of India, India’s largest bank, to extend the reach of our unique Holiday Savings Account via over 25 million users of SBI’s online platform.”
Mr Menon added, “The unbeatable advantage of paying for a future holiday at today’s prices, ensures SBI’s customers a powerful proposition of an inflation-proof holiday while enjoying attractive interest rates, a zero exit clause and a free top up from Thomas Cook on the 13th month!”
Mr. Rajnish Kumar, Managing Director (National Banking Group), State Bank of India, said ”We find that people don’t plan their holidays in advance and end up taking last minute loans to finance the same. Also, they could’ve have saved on the cost of the holiday had they booked early. To encourage planned savings and advance booking, we are pleased to partner with Thomas Cook India, one of India’s leading travel company to offer our customers the HSA.”
Mr. Kumar added, “In keeping with our mission of being the Banker to Digital India, the entire process is online with zero paperwork. We are certain that our customers will find good value in this product and enjoy their holidays booked through this.”
About Thomas Cook (India) Limited:
Thomas Cook (India) Ltd (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. The company set up its first office in India in 1881.
TCIL’s footprint (exclusive of its subsidiaries) currently extends to over 232 locations (including 23 airport counters) in 92 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 116 Gold Circle Partners and 112 Preferred Sales Agents in over 130 cities across India.
ICRA has upgraded the long term rating of Thomas Cook (India) Limited’s non-convertible debenture programme to ‘ICRA AA/Stable’. CRISIL has assigned a long term rating of ‘CRISIL AA-/ stable‘ to the non-convertible debenture programme and long term banking facilities, and a short term rating of CRISIL A1+ to TCIL’s banking facilities. Further, ICRA has assigned a rating of ‘ICRA AA-/Stable’ to the company’s preference share programme.
Thomas Cook (India) Ltd has been voted as Favourite Outbound Tour Operator at the Outlook Traveller Awards 2015, Best Tour Operator - Outbound at the CNBC AWAAZ Travel Awards 2015, 2014 & 2013 and Best Company providing Foreign Exchange at the CNBC AWAAZ Travel Awards 2015 & 2014; felicitated with Diamond Award for Exemplary Achievements in Visa Issuance at the French Ambassador's Travel Awards Ceremony 2015; Thomas Cook India’s Travel Quest was honoured with a Gold Award at PATA Gold Awards 2015; honored as India's Leading Tour Operator 2014, World Travel Awards Asia & Australasia 2014, Favourite Tour Operator at the Condé Nast Traveller Readers' Travel Awards 2015 - 2011 ,recognized as a Consumer Superbrand 2013-14 & 2012-2013 and National Tourism Awards 2013-2014. Thomas Cook India’s Centre of Learning has received IATA accreditation as “Top 10 South Asia IATA Authorized Training Centers”2015, 2013 & 2012. For more information, please visit www.thomascook.in
Thomas Cook (India) Limited is promoted by Fairfax Financial Holdings Limited through its wholly-owned subsidiary, Fairbridge Capital (Mauritius) Limited and its controlled affiliates. Fairbridge is responsible for the execution of acquisition and investment opportunities in the Indian subcontinent on behalf of the Fairfax family of companies.
About Fairfax Financial Holdings Limited:
Fairfax Financial Holdings Limited is a financial services holding company based in Canada with a global presence in insurance and reinsurance, as well as joint ventures including ICICI Lombard (India). The Company, founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, has over the past 30 years, demonstrated a strong and consistent financial track record. For the year ended December 31, 2014, Fairfax increased book value per share at a compounded annual growth rate of 21.1% since its inception with a corresponding compounded annual increase in share price 19.8% and had over US $36 billion of assets.
Fairfax is engaged in long term investments from its own resources, with a focus to delivering long term capital appreciation through a flexible and value oriented approach. Fairfax Financial Holdings through Thomas Cook (India) Ltd. owns 66.80% on a fully diluted basis of the Quess Corp Limited (formerly IKYA Human Capital Solutions Limited), a provider of specialised Human Resource related Services and 100% of Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited) engaged in time share and resort business.
About Quess Corp Limited (formerly IKYA Human Capital Solutions Limited)
Quess Corp Limited is an integrated business services provider. Headquartered in Bangalore, the Group has more than 1,18,000 employees, with operations across 9 countries. The service and product offerings include four broad operational segments namely Global Technology Solutions, People and Services, Integrated Facility Management and Industrial Asset Management.
About Sterling Holiday Resorts Limited:
Sterling Holiday Resorts Limited, a pioneer in vacation ownership and a leading leisure hospitality company in India, was incorporated in 1986 with the vision of delivering great holiday experiences to Indian families. To achieve this vision, the company pioneered Vacation Ownership in India and set about building a network of leisure resorts at some of the best holiday destinations in India. Currently, Sterling Holidays has a total inventory of 1767 rooms spread across a network of 24 resorts in 21 scenic holiday destinations in India.
In pursuance of the Order of Hon’ble High Court, Bombay, dated 2nd July, 2015 sanctioning the Composite Scheme of Arrangement and Amalgamation between Sterling Holiday Resorts (India) Limited (SHRIL) and Thomas Cook Insurance Services (India) Limited (TCISIL) and Thomas Cook (India) Limited (TCIL) and their respective shareholders and creditors (Scheme), the time share and resort business division and undertaking of SHRIL was Demerged into TCISIL and the residual business of SHRIL was Amalgamated with TCIL.
Post implementation of composite scheme, Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited) continued the time share and resort business.
The company also has 15 additional sites where it plans to add new resorts in the coming years. For more information visit: http://www.sterlingholidays.com
About Kuoni India & Kuoni Hong Kong
Kuoni India is a leading travel and tourism company active across virtually every travel segment including Leisure Travel, Business Travel, Destination Management Services and Distribution Visa Marketing Services. Thomas Cook (India) Ltd. holds 56.56% stake Kuoni Travel (India) Private Limited (Kuoni India) and its 100% subsidiary, Travel Corporation (India) Ltd holds 43.44% stake in Kuoni India.
TCIL through its step down Subsidiary Horizon Travel Holdings (Hong Kong) Private Limited holds 100% stake in Kuoni Travel (China) Limited (Kuoni Hong Kong), which has an attractive business in the travel sector backed by a trusted brand name, and a stable and motivated professional management team. Kuoni Hong Kong is a premium outbound travel operator in Hong Kong.
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