Federal Bank to Acquire Retail Credit Card Portfolio from SCB India

Federal Bank Ltd has executed a deed of assignment with Standard Chartered Bank, India (SCB India) on May 04, 2026, to acquire a select portfolio of retail credit cards from SCB India. The agreement involves the transfer of receivables from existing credit card relationships from SCB India to Federal Bank. The identified credit card relationships between SCB India and the relevant cardholders will be terminated, and Federal Bank will issue replacement credit cards to these cardholders according to a mutually agreed migration plan. The transaction does not involve any shareholding or related party transactions.