Mumbai, April 30 -- The board of Federal Bank has approved the acquisition of a select portfolio of retail credit cards from UK-based Standard Chartered, the private sector lender informed the exchanges on Thursday.

The bank said it will provide further details on the deal in "due course".

The deal values the portfolio at 1.5-1.6 times implied equity as estimated by Federal Bank. The final consideration will be linked to actual balances at the time of transfer.

The proposed transaction does not require regulatory approvals and is expected to be completed in 2026, it added.

Arpwood Capital Private is the financial advisor to Federal Bank, Khaitan & Co is the legal counsel, and KPMG is the due diligence advisor. Trilegal is Standard Cha...