Standard Chartered PLC (SNTDF) has agreed to purchase more than
half of Barclays PLC's (BCS) Indian credit card portfolio at a
discount to its book value, Reuters news agency reported Tuesday on
its website, citing two unnamed people with direct knowledge of the
matter.
Standard Chartered will buy 170,000 of about 300,000 Barclay's
credit card accounts in India for less than half of the book value,
which is estimated at INR1.8 billion ($35 million), one of the
sources said, adding that the deal was likely to be announced later
this week.
"Standard Chartered has bought only the performing part of the
credit cards business with a good credit record, while Barclays
will decide later what to do with the non-performing part of the
business," the source was quoted as saying in the report.
U.K.-based Standard Chartered and Barclays declined to comment
when reached by Reuters.
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