The London-based lender has been offloading non-core components of its portfolio in India to improve its profitability. Last year, Standard Chartered sold its India personal loan business that at the time was valued at $488 million to Kotak Mahindra Bank. But Reuters is first to report that Kotak and Federal are in the race for it. Market Share and Customer BaseKotak has 4.5 million issued credit cards in India, while Federal has 2 million. Retention of Affluent ClientsAfter the deal, StanChart plans to retain around 70,000 Indian credit card customers, affluent clients who have other banking relationships with the lender, the second source said.

Source: Economic Times March 18, 2026 10:30 UTC