Updated
Updated · Bloomberg · Apr 30Standard Chartered sells part of Indian credit card business to Federal Bank
12 articles · Updated · Bloomberg · Apr 30
- Federal Bank said it will acquire up to 450,000 cards from StanChart in India; the transaction value was not disclosed.
- The sale covers part of StanChart's portfolio, which includes 800,000 non-co-branded cards and 1.3 million co-branded cards.
- It marks another retreat by a US or European lender from India's crowded retail banking market, where local players dominate.
Is India’s UPI payment system making it impossible for foreign banks to compete? Is StanChart abandoning India's future retail boom by focusing only on the ultra-rich?