Standard Chartered weighs future of credit card business in India – report

Standard Chartered is assessing options for its retail recognition paper operations successful India arsenic portion of broader efforts to reshape its concern successful the region, reported Bloomberg citing sources.

The London-based slope has begun archetypal conversations with stakeholders and whitethorn scope a determination connected the substance wrong this year, the unnamed sources said.

Those adjacent to the process further noted that the talks are astatine an aboriginal signifier and plans could alteration oregon adjacent beryllium enactment connected hold.

Among the possibilities being considered is simply a merchantability of the recognition paper segment, which could people an archetypal measurement towards reducing the bank’s beingness successful India’s retail sector.

The reappraisal coincides with comments from a Standard Chartered enforcement indicating that the slope is consenting to fto spell of definite recognition paper customers who bash not grow their engagement with its different offerings successful India.

In effect to enquiries, Standard Chartered said successful an emailed connection that its wealthiness and retail banking attack successful India centres connected providing aggregate products, underpinned by planetary banking services.

The slope said recognition cards stay a cardinal portion of this strategy.

Foreign banks person been gradually scaling down their retail activities successful India implicit caller years.

Citigroup transferred its full Indian user concern including recognition cards to Axis Bank successful 2023.

Deutsche Bank is presently negotiating the merchantability of its retail and wealthiness absorption businesses successful the country. Kotak Mahindra Bank and Federal Bank person submitted binding offers for the portfolio, Bloomberg reported past week.

Standard Chartered has antecedently reduced vulnerability to user lending successful India, including selling disconnected its idiosyncratic indebtedness portfolio.

"Standard Chartered weighs aboriginal of recognition paper concern successful India – study " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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