Federal Bank to Acquire 450,000 Credit Cards from Standard Chartered
Federal Bank to acquire 4.5 lakh Standard Chartered card portfolio
The Economic Times
Image: The Economic Times
Federal Bank, based in Mumbai, will acquire a credit card portfolio of approximately 450,000 cards from Standard Chartered Bank. This acquisition will significantly enhance Federal Bank's credit card offerings, increasing its non-co-branded credit card receivables by nearly 90% and expanding its presence in India's top cities.
- 01Federal Bank will acquire 450,000 credit cards from Standard Chartered Bank.
- 02The acquisition will increase Federal Bank's non-co-branded credit card receivables by about 90%.
- 03The total outstanding value of the portfolio is approximately ₹1,500 crore (roughly $180 million USD).
- 04The deal will significantly enhance Federal Bank's presence in Tier-1 cities in India.
- 05The transaction is expected to close within the calendar year 2026.
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Federal Bank, headquartered in Mumbai, has announced its plan to acquire a credit card portfolio from Standard Chartered Bank, comprising around 450,000 cards. This acquisition will increase Federal Bank's non-co-branded credit card receivables by nearly 90%, enhancing its existing base of 800,000 non-co-branded and 1.3 million co-branded cards. The total outstanding value of the portfolio is approximately ₹1,500 crore (roughly $180 million USD). According to Federal Bank CEO KVS Manian, the acquired portfolio consists of seasoned and active credit card users, primarily concentrated in India's top eight cities, which will more than double the bank's presence in these markets. The transaction does not require regulatory approvals and is expected to be finalized by 2026.
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This acquisition will enable Federal Bank to better serve a large base of credit card users, potentially leading to enhanced customer loyalty and improved banking services in major urban areas.
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