New Delhi, April 30 : Federal Bank on Thursday said its board has approved a plan to acquire a select portfolio of retail credit cards from Standard Chartered Bankâ??s India unit.

However, the transaction value has not been disclosed in the regulatory filing.

Federal Bank said its board, at a meeting held on April 30, cleared the proposal to enter into a deed of assignment (DOA) with Standard Chartered Bank, India (SCB India).

The agreement will enable the bank to take over a portion of SCB Indiaâ??s retail credit card portfolio, with further updates to be shared once the deal is executed.

â??The Board of Directors of Federal Bank Limited at its meeting held on April 30 has approved that the Bank proceed to enter into a deed of assignment with Standard Chartered Bank, India whereby the Company would acquire a select portfolio of retail credit cards from SCB India,â?? the private lender said.

â??The Bank shall provide an update on the execution of the DOA in due course,â?? it added.

The development comes as Standard Chartered recalibrates its retail strategy in India, moving away from standalone credit card offerings.

The UK-based lender has indicated that it will instead focus on building deeper, multi-product relationships with customers, integrating credit cards into broader banking, wealth, and lifestyle offerings.

As of January, Standard Chartered had around 700,000 credit cards in India, of which roughly 550,000 were standalone cards.

The remaining 150,000 were tied to broader banking relationships -- a segment the bank now intends to expand.

Aditya Mandloi, head of wealth and retail banking for India and South Asia at Standard Chartered, had earlier outlined the shift, saying the bank would prioritise comprehensive client relationships anchored in wealth solutions, international banking, and seamless service, rather than pushing single-product offerings like standalone cards.

The portfolio sale aligns with Standard Charteredâ??s ongoing restructuring of its retail business in India.

Last year, the bank also exited its personal loans segment by selling it to Kotak Mahindra Bank.

For Federal Bank, the acquisition is expected to strengthen its retail lending footprint and provide access to an established credit card customer base, as competition intensifies in Indiaâ??s fast-growing consumer credit market.

/IANS