Disclosure under Regulation 30 of SEBI LODR Regulations
FEDERALBNK · price
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Federal Bank Ltd has executed a deed of assignment with Standard Chartered Bank India (SCB India) on May 04, 2026. Under this agreement, Federal Bank will acquire a select portfolio of retail credit cards from SCB India. The identified credit card relationships will be terminated as per a mutually agreed migration plan, and Federal Bank will issue replacement credit cards to the affected cardholders. The transaction does not involve any share issuance and the parties have confirmed they are not related to each other's promoter or promoter group. The Bank has no promoter or promoter group structure.
This acquisition expands Federal Bank's retail credit card business by taking over an existing portfolio from a foreign bank, potentially increasing its customer base and credit card receivables. The deal is arms-length and not a related party transaction.