Group 1 - Standard Chartered is evaluating options for its retail credit card operations in India as part of a broader business reshaping strategy in the region [1] - Initial discussions with stakeholders have begun, and a decision may be reached within this year, although plans could change or be postponed [1][2] - The bank is considering a potential sale of its credit card segment, which would signify a reduction in its retail presence in India [2] Group 2 - A Standard Chartered executive indicated a willingness to let go of certain credit card customers who do not engage with other banking products in India [2] - The bank maintains that credit cards are a key component of its wealth and retail banking strategy in India, which focuses on offering multiple products supported by international banking services [3] - Foreign banks, including Citigroup, have been reducing their retail activities in India, with Citigroup transferring its entire Indian consumer business to Axis Bank in 2023 [3][4] Group 3 - Deutsche Bank is also in negotiations to sell its retail and wealth management businesses in India, with binding offers submitted by Kotak Mahindra Bank and Federal Bank [4] - Standard Chartered has previously reduced its exposure to consumer lending in India, including the sale of its personal loan portfolio [4]
Standard Chartered weighs future of credit card business in India – report