Federal Bank has announced the acquisition of a select portfolio of retail credit cards from Standard Chartered Bank, India (SCB India). The transaction was formalised through a deed of assignment executed on 4th May 2026.
The agreement entails the transfer of certain receivables from existing credit card relationships held by SCB India to Federal Bank. As part of the migration plan, which will be mutually agreed upon by both parties, the identified credit card relationships between SCB India and the cardholders will be terminated. Federal Bank will subsequently issue replacement credit cards to these cardholders.
There is no shareholding between Federal Bank and SCB India, and the parties involved are not related to each other’s promoter or promoter group. The transaction does not fall within the category of a related party transaction.
The agreement does not involve the issuance of shares, and no special rights, such as the right to appoint directors or restrict changes in capital structure, are included.
This strategic move by Federal Bank is aimed at expanding its retail credit card portfolio, enhancing its customer base, and strengthening its position in the financial services sector.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).