fintech / news / / NDTV Profit
Federal Bank has inked a deal to acquire a select credit card portfolio from Standard Chartered Bank, India.
Federal Bank will acquire up to 4.5 lakh credit cards from Standard Chartered India.
KEY POINTS
- Federal Bank's non-co-branded credit card receivables are projected to increase by about 90%.
- The transaction values Standard Chartered's portfolio at 1.5 to 1.6 times implied equity.
- Federal Bank's credit card presence in India's top eight cities will more than double after acquisition.
- Standard Chartered is divesting to focus on wealth and affluent segments, leaving single-product relationships.
COMPANIES
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