Federal Bank has officially executed a deed of assignment to acquire a select portfolio of retail credit cards from Standard Chartered Bank, India. This strategic move, finalized on May 04, 2026, will see the transition of credit card relationships to Federal Bank. The bank is set to issue replacement credit cards to the affected customers, ensuring a seamless migration process for the acquired retail portfolio.
Strategic Portfolio Expansion
On May 04, 2026, Federal Bank announced the successful execution of a deed of assignment with Standard Chartered Bank, India. This agreement marks a significant step in the bank’s strategy to expand its retail credit presence by acquiring a specific portfolio of credit card receivables. The deal signifies a clean transfer of existing credit relationships between the two institutions.
Migration and Customer Transition
The transition process is governed by a mutually agreed-upon migration plan. Under the terms of the agreement, the existing credit card relationships between Standard Chartered Bank, India and the identified cardholders will be systematically terminated. To ensure business continuity for these customers, Federal Bank will issue new replacement credit cards, allowing cardholders to continue their credit access seamlessly under the bank’s retail portfolio.
Transaction Details
The transaction is categorized as an independent business assignment and does not involve the issuance of shares or any related party transactions. Both Federal Bank and Standard Chartered Bank, India have confirmed that there is no shareholding or promoter-level relationship between the two entities, making this a strictly commercial portfolio transfer at arm’s length.
Source: BSE
