StanChart Weighs Kotak, Federal Bids for 600,000 Credit Card Customers in India

Standard Chartered is reviewing final offers from Kotak Mahindra Bank and Federal Bank to sell a portfolio of up to 600,000 credit-card-only customers in India. The move is part of the bank’s strategy to streamline operations and reduce focus on single-product clients.

The potential deal follows Standard Chartered’s broader effort to offload non-core assets and improve profitability in the Indian market. These customers are considered less strategic as they lack broader banking relationships. The bank is expected to retain around 70,000 affluent cardholders while shifting focus toward high-value segments.

For Kotak and Federal Bank, the acquisition presents an opportunity to expand their credit card base and cut customer acquisition costs in a competitive market. The move reflects a wider trend of global banks scaling back retail operations in India while domestic players strengthen their presence.

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