fintech / news / / Zee News
Federal Bank said its board, at a meeting held on April 30, cleared the proposal to enter into a deed of assignment with Standard Chartered Bank, India.
Federal Bank's board has approved acquiring a select retail credit card portfolio from Standard Chartered India.
KEY POINTS
- Standard Chartered is moving away from standalone credit cards to focus on multi-product relationships in India.
- As of January, Standard Chartered had 550,000 standalone cards in India set for strategic shift.
- Federal Bank expects the acquisition to expand its retail lending presence in India's consumer credit market.
COMPANIES
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