The Federal Bank Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI LODR Regulations 2015
FEDERALBNK · price
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Federal Bank has executed a deed of assignment with Standard Chartered Bank India to acquire a select portfolio of retail credit cards. The transaction involves migrating identified credit card relationships from SCB India to Federal Bank, with the Bank issuing replacement cards to affected cardholders. The migration will follow a mutually agreed plan between both parties. The transaction is not a related party transaction and neither party has any shareholding in the other. Federal Bank does not have a promoter or promoter group structure.
This acquisition expands Federal Bank's credit card business by acquiring an existing retail portfolio from a major international bank, potentially increasing its customer base and card-related revenue. The deal is structured as an asset transfer rather than equity issuance.