Federal Bank to acquire Standard Chartered’s select retail credit cards portfolio

Federal Bank is set to acquire a select portfolio of Standard Chartered Bank’s retail credit cards as the bank’s board of directors has approved entering into a deed of assignment (DOA) with Standard Chartered Bank, India.

“Ee hereby inform you that the Board of Directors of Federal Bank, at its meeting held on April 30, 2026, has approved that the Bank proceed to enter into a deed of assignment (“DOA”) with Standard Chartered Bank, India (“SCB India”), whereby the Bank would acquire a select portfolio of retail credit cards from SCB India. The Bank shall provide an update on the execution of the DOA in due course,” Federal Bank said in an exchange filing.

Advertisement

In January, Standard Chartered said it had around 700,000 credit cards in India, of which about 550,000 were standalone cards while the remaining 150,000 cards are linked to multi-product relationships, a segment the bank intends to deepen further.

Earlier, Standard Chartered had sold its personal loan business to Kotak Mahindra Bank. As of FY26, Federal Bank had 2.24 million credit cards, while Standard Chartered Bank had 638,169 cards.

KVS Manian, CEO of Federal Bank said, “credit cards have shown strong growth not just this quarter but over the last few quarters, and we continue to remain focused on this segment for growth. We had identified certain products as medium-yielding segments, and we want to grow them faster than low-yielding segments.”

During the January–March quarter of FY26, Federal Bank reported its highest-ever quarterly profit at Rs 1,259 crore, up 22.23 per cent year-on-year, driven by strong growth in net interest income (NII) and other income, even as provisions rose.