DFCC Bank Acquires Standard Chartered Bank’s Wealth and Retail Banking Businesses in Sri Lanka
In a significant development in the Sri Lankan banking sector, DFCC Bank has entered into a binding business sale agreement to acquire Standard Chartered Bank’s (SCB) wealth and retail banking businesses in the country.
The deal, which is financed solely from DFCC Bank’s own capital, encompasses a wide range of SCB Sri Lanka’s operations, including its credit card portfolio, deposit accounts, Priority Banking services, retail lending, and small and medium enterprise (SME) operations.
This acquisition is a strategic move for DFCC Bank, aligning with its plans to expand its customer reach and enhance its position in retail and wealth management. It is also expected to increase the bank’s presence in important growth areas.
Employee Transition and Customer Integration
To ensure a seamless transition, employees currently working in the wealth and retail banking divisions of SCB Sri Lanka will be offered equivalent positions at DFCC Bank. This move is part of the agreement, highlighting the bank’s commitment to preserving jobs and expertise in the industry.
Both DFCC Bank and SCB Sri Lanka have pledged to work together to maintain uninterrupted service and ensure a smooth transition for customers during the integration process. This collaboration is aimed at safeguarding the interests of valued clients while prioritizing the well-being of the banks’ employees.
Anticipated Completion and Approval Process
The completion of the deal is subject to approval from the Central Bank of Sri Lanka. Once the necessary approvals are secured, the transaction is expected to be concluded in early 2026.
Statements from DFCC Bank and SCB Sri Lanka
Commenting on the development, SCB Sri Lanka CEO Bingumal Thewarathanthri 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 prioritizing our employees.”
DFCC Bank CEO/director Thimal Perera also expressed optimism about the acquisition, stating, “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. This acquisition is not merely about scale. It is about extending our purpose: to enable meaningful growth, deliver real value, and uphold the trust of every stakeholder we serve – from individuals and businesses to the SMEs that form the backbone of our nation’s economy.”
In summary, the acquisition of SCB Sri Lanka’s wealth and retail banking businesses by DFCC Bank marks a significant milestone in the banking industry’s ongoing evolution. It also underscores the commitment of both banks to deliver value and growth to their stakeholders, while prioritizing the interests of their clients and employees.
For more details, visit the source Here.
