StanChart Sells Some Card Business to India Lender in Pullback

Standard Chartered Bank Plc has agreed to sell part of its Indian credit card business to Blackstone-backed Federal Bank Ltd., joining a slew of US and European lenders exiting the crowded retail segment dominated by local players.

Federal Bank will acquire up to 450,000 credit cards from StanChart, as against the lender’s existing base of 800,000 non-co-branded cards and 1.3 million co-branded cards, the Indian mid-sized Indian private-sector bank said Thursday, without disclosing the transaction value.