New Delhi
Federal Bank has approved a plan to acquire a select credit card portfolio from Standard Chartered Bank in India. The deal, cleared on April 30, will be done through a deed of assignment, though its value remains undisclosed. This move comes as Standard Chartered shifts focus from standalone cards to broader banking services. The acquisition is expected to help Federal Bank grow its retail lending business and reach more customers. Further details will be shared after the agreement is completed, as competition rises in India’s credit market.