DFCC completes acquisition of Standard Chartered Sri Lanka’s wealth and retail banking business

• Says welcomes customers following carefully planned transition focused on continuity, familiar relationships and personalised support

DFCC Bank CEO Thimal Perera

DFCC Bank PLC yesterday said that it has completed its acquisition of Standard Chartered Bank Sri Lanka’s wealth and retail banking business. 

Approximately 50,000 customers, together with colleagues from the business, have now joined DFCC Bank, it said.

The transaction includes customer relationships across Priority Banking, credit cards, retail lending, deposits, wealth management, and small and medium enterprise (SME) portfolios, together with selected operating assets. It strengthens DFCC Bank’s retail, wealth management, and SME capabilities, while expanding the scale and reach of these businesses.

For customers, the transition has been planned around continuity. Months of detailed preparation and close collaboration across both organisations have enabled customers to retain many of the banking arrangements, relationships, and services they use every day. Their existing Standard Chartered account numbers remain usable alongside their new DFCC Bank account numbers, while their existing credit and debit cards, card PINs, standing instructions, direct debits, and recurring payment arrangements continue as before.

Saved payees and beneficiaries have also been migrated to the bank’s digital banking platforms, DFCC ONE and DFCC iConnect, removing one of the most common inconveniences associated with changing banks. Customers with existing branch and Relationship Manager arrangements can continue banking through the same branches and same Relationship Managers.

Customers who have joined DFCC Bank now have access to the bank’s wider range of personal banking, wealth management, SME, card, and lending solutions. They are supported by DFCC Bank’s islandwide network of over 130 branches, access to more than 5,000 ATMs through the LankaPay network, DFCC ONE, DFCC iConnect, and dedicated customer service channels.

Eligible customers will also have access to DFCC Pinnacle, the bank’s premium banking proposition.

The acquisition is an important step in DFCC Bank’s long-term strategy to expand its retail and wealth management franchise, strengthen its SME business, and broaden its ability to serve customers across Sri Lanka.

DFCC Bank CEO Thimal Perera said: “From the very beginning, our focus has been on making this transition as seamless and familiar as possible for customers. Behind that experience has been an exceptionally complex technology program, supported by months of detailed planning, close collaboration, and an extraordinary effort by teams across both organisations. Success meant ensuring that customers experienced as little of that complexity as possible. Their existing Standard Chartered account numbers remain usable alongside their new DFCC Bank account numbers. They can continue using the same credit and debit cards and the same card PINs, while their standing instructions, direct debits, recurring payments, instalment arrangements, and other everyday banking arrangements continue as before.”

He added: “We have also transferred their saved payees and beneficiaries to our digital banking platforms, removing one of the most common inconveniences customers face when changing banks. Customers with existing branch and Relationship Manager arrangements can continue banking through the same branches and with the Relationship Managers they already know and trust. I extend my sincere appreciation to my colleagues at DFCC Bank and our colleagues at Standard Chartered Bank, the Central Bank of Sri Lanka, our technology and implementation partners, and everyone whose expertise and commitment made this possible. It is an honour to welcome our new customers and colleagues to DFCC Bank. We look forward to earning their trust and supporting them through every stage of their financial lives.”

Standard Chartered Sri Lanka CEO Bingumal Thewarathanthri said: “This transition reflects a strategic decision in line with Standard Chartered Group’s global strategy, to focus our resources in areas where we have the necessary scale and most distinctive proposition. We are grateful to our clients for the trust they have placed in us over the years, and to our colleagues for their professionalism and commitment throughout this transition. We extend our best wishes to our clients and staff who have moved to DFCC Bank, and wish them every success for the future.”