Standard Chartered is assessing options for its retail credit card operations in India as part of broader efforts to reshape its business in the region, reported Bloomberg citing sources.
The London-based bank has begun initial conversations with stakeholders and may reach a decision on the matter within this year, the unnamed sources said.
Those close to the process further noted that the talks are at an early stage and plans could change or even be put on hold.
Among the possibilities being considered is a sale of the credit card segment, which could mark an initial step towards reducing the bank’s presence in India’s retail sector.
The review coincides with comments from a Standard Chartered executive indicating that the bank is willing to let go of certain credit card customers who do not expand their engagement with its other offerings in India.
In response to enquiries, Standard Chartered said in an emailed statement that its wealth and retail banking approach in India centres on providing multiple products, underpinned by international banking services.
The bank said credit cards remain a key part of this strategy.
Foreign banks have been gradually scaling down their retail activities in India over recent years.
Citigroup transferred its entire Indian consumer business including credit cards to Axis Bank in 2023.
Deutsche Bank is currently negotiating the sale of its retail and wealth management businesses in the country. Kotak Mahindra Bank and Federal Bank have submitted binding offers for the portfolio, Bloomberg reported last week.
Standard Chartered has previously reduced exposure to consumer lending in India, including selling off its personal loan portfolio.
“Standard Chartered weighs future of credit card business in India – report ” was originally created and published by Retail Banker International, a GlobalData owned brand.
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