Barclay Bank may soon announce another retreat
from another country.
After its exit from retail banking in Russia,
the bank is now rumoured to be in talks with Standard Chartered and
State Bank of India’s Card business SBI Card to divest its cards
business unit in India.
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Head of global media relations for
Barclays, Daniel Hunter, told CI, “We are reviewing options
for cards, a business which requires scale and we may be able to
achieve that scale under new ownership.”
A spokesperson for Standard Chartered told
Retail Banker International.
“I am neither confirming, nor denying
anything. [The news] are speculations.”
SBI Card were unable to comment right
away.
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By GlobalDataFinal bidding offers for the cards business,
which compromises about 200,000 cards, are set to be made in
October, Reuters quoted the sources.
Foreign banks in India have struggled to claim
success in retail banking, especially the credit cards business in
India.
In April,
Deutsche Bank sold its credit cards business to local lender
IndusInd Bank.
