Federal Bank has agreed to acquire a selected credit card portfolio from Standard Chartered Bank India covering 450,000 cards. The deal values the portfolio at 1.5 to 1.6 times implied equity. The amount finally paid will depend on the balances outstanding when the transfer takes place. The bank now has 800,000 non-co-branded credit cards and 1.3 million co-branded cards. It said receivables in its non-co-branded card business are expected to rise by about 90% after the transaction. The eventual size ...