Foreign lender Standard Chartered Bank is set to gain hold of more than 50% of the credit card business of the Indian operations of Barclays.

According to sources having knowledge on the issue, StanC would be buying around 1,70,000 credit card accounts of Barclays out of its total base of 3,00,000.

The deal has been settled at a discount to the book value, informed sources.

So far, the two biggest competitors for buying Barclays' credit card business were SBI Cards and Standard Chartered.