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Federal Bank has decided against pursuing the acquisition of Deutsche Bank's retail and wealth management business in India.
Federal Bank has dropped out of the race to acquire Deutsche Bank's India retail and wealth business.
KEY POINTS
- Kotak Mahindra Bank is now the only contender left for Deutsche Bank's ₹4,500 crore India portfolio.
- Federal Bank will acquire a select portfolio of Standard Chartered Bank's retail credit cards in India.
- Standard Chartered is shifting away from standalone cards to focus on bundled, multi-product relationships in India.
- Federal Bank and Kotak Mahindra Bank had both reviewed offers for Standard Chartered's standalone credit card portfolio.
COMPANIES
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