Standard Chartered Bank appears to lead the race to acquire Barclays Bank's credit card business in India, six months after the British lender decided to sell it, three people familiar with the development said.
"As of now, Standard Chartered leads the race. But one cannot be certain whether it would finally buy this portfolio. There is many a slip between the cup and the lip," said a source requesting anonymity, owing to the sensitivity of the information.
Another source confirmed the development, saying, "The possibility of the business going to Standard Chartered is 90 per cent."
The size of the deal is likely to stand at about Rs 200 crore (Rs 2 billion), including "a small premium," said a third person privy to the development.
The sale would include only the performing portfolio of Barclays' credit card business, which comprises around 240,000 cards.
Initially, when Barclays announced its plan to exit its cards business, five banks and financial institutions, including the country's third-largest
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