Overview
- Federal Bank, whose board approved the plan Thursday, will sign a deed of assignment — a legal transfer agreement — to take over a select Standard Chartered India credit card book.
- The portfolio includes up to about 450,000 cards and is slated to move in 2026, with the final size depending on customer consents and the timing of the transfer.
- Federal Bank pegged the price at about 1.5 to 1.6 times implied equity, with the final bill tied to card balances at the moment the accounts shift.
- Roughly 75% of the cards are in India’s eight biggest cities, which the bank says would more than double its metro presence and lift non‑co‑branded card receivables by nearly 90%.
- The deal reflects shifting strategies in India’s banking market, as Standard Chartered refocuses on wealth clients after selling its personal loan book to Kotak Mahindra Bank and Federal Bank drops talks to buy Deutsche Bank’s local retail and wealth unit.