Amidst increasing bullishness about the credit card market, a handful of top domestic banks including HDFC Bank and Kotak Mahindra Bank are being seen as front runners to acquire Citi’s credit card division in India. According to sources, about 5-6 banks are in the fray to bid for Citi’s credit card business in India. These include HDFC Bank, ICICI Bank, Kotak Mahindra Bank and DBS Bank India, the sources said. HDFC Bank, ICICI Bank and Kotak Mahindra Bank did not respond to an e-mail from BusinessLine. Many Indian lenders have been looking to scale up their credit card business and Citi’s high-quality customer portfolio will be a useful addition, noted a source.

Source: The Hindu October 24, 2021 21:06 UTC