DFCC Bank acquires part of SCB’s business in Sri Lanka
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Thimal Perera, Director/CEO DFCC Bank (right), and Bingumal Thewarathanthri, CEO SCB Sri Lanka, at the signing ceremony.
DFCC Bank PLC has entered into an agreement with Standard Chartered Bank (SCB) to acquire the wealth and retail banking business of SCB Sri Lanka in a deal worth Rs.3.7 billion.
The announcement was made on Wednesday and comes on the back of Nations Trust Bank’s recent acquisition of a similar portfolio of HSBC Sri Lanka. Both developments are in line with global trends where multinational banks are moving out of retail banking and focusing on more profitable areas of banking.
The proposed acquisition covers all of SCB Sri Lanka’s wealth and retail banking business, which includes Priority Banking, credit cards, retail lending, deposits and SME. The transaction ensures that all SCB Sri Lanka’s wealth and retail banking employees will be provided comparable roles and opportunities to continue to grow and further their careers within DFCC Bank. Together, DFCC Bank and SCB Sri Lanka will ensure seamless transition of both customers and staff, and continuity of service and relationships throughout the integration process, the two banks said in a joint statement.
Thimal Perera, Director/CEO of DFCC Bank, said, “We look forward to welcoming customers and colleagues of Standard Chartered Bank’s retail banking and wealth management operations in Sri Lanka into the DFCC Bank family. As we mark 70 years of banking, this strategic milestone deepens our conviction in Sri Lanka’s potential and reinforces our long-standing commitment to supporting the economy and, most importantly, all Sri Lankans.”
Bingumal Thewarathanthri, CEO of SCB Sri Lanka said, “The sale of our Wealth and Retail Banking business is in line with Standard Chartered Bank’s global strategy to concentrate resources where we have the most distinctive client proposition. We look forward to working closely with the DFCC Bank team over the coming months to ensure a smooth transition while safeguarding the interests of our valued clients and prioritising our employees.”
The transaction is subject to approval of the Central Bank of Sri Lanka. Completion is expected by early 2026.
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