Market Chatter: Standard Chartered Weighs Bids for India Credit Card Portfolio

MT Newswires Live03-19 09:46

Standard Chartered (HKG:2888) is weighing proposals from Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) and Federal Bank (NSE:FEDERALBNK, BOM:500469) to acquire the British lender's pool of up to 600,000 credit card-only customers in India, Reuters reported, citing two people familiar with the matter.

Kotak and Federal have submitted final offers for the portfolio, according to the report.

The bank is evaluating the bids, and a decision may take time, the report said, adding that the potential sale does not signal a full exit from its credit card business.

The move is reportedly part of Standard Chartered's broader effort to streamline its India operations and reduce exposure to single-product customers, the report added.

StanChart and the two Indian banks did not respond to comment requests, Reuters said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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