Federal Bank acquires Standard Chartered's credit card portfolio. India's Federal Bank board approved acquisition of a portion of Standard Chartered Bank's domestic retail credit card portfolio, encompassing up to 600,000 India-based customers holding credit card accounts only. This strategic move aligns with Standard Chartered's broader initiative to divest non-core assets in India to enhance profitability. The London-based lender previously sold its India personal loan business valued at 488 million dollars to Kotak Mahindra Bank last year. Financial details and portfolio size remain undisclosed pending formal agreement execution. The transaction strengthens Federal Bank's retail credit card presence in the competitive Indian banking sector.
