Standard Chartered to Sell Indian Credit Card Portfolio to Federal Bank

MT Newswires Live05-04 10:55

Standard Chartered (HKG:2888) agreed to sell the bulk of its Indian credit card portfolio to India's The Federal Bank (NSE:FEDERALBNK, BOM:500469), according to media reports Thursday.

The bank, which had about 640,000 credit cards in India as of March, had been reviewing offers from Federal Bank and Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) ahead of the agreement, Reuters reported.

The firms did not disclose the transaction value of the sale, which is expected to close by the end of 2026.

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