Thursday Nov 13, 2025
Thursday Nov 13, 2025
Thursday, 13 November 2025 00:32 - - {{hitsCtrl.values.hits}}
Standard Chartered Bank Sri Lanka CEO Bingumal Thewarathanthri (left) with DFCC Bank Director/CEO Thimal Perera
Ending months of speculation and anticipation over who would make a move to acquire Standard Chartered Bank’s Sri Lankan retail banking business, DFCC Bank yesterday announced that it has entered into a binding Business Sale Agreement with the UK-based bank, acting through its Sri Lanka branch, to acquire the latter’s wealth and retail banking business in the island for Rs. 3.7 billion.
The deal, signed on Tuesday, was approved by DFCC Bank’s Board of Directors on 9 November and will be financed through internally generated funds. The bank said it would maintain all regulatory ratios following the acquisition.
The proposed transaction includes Standard Chartered Sri Lanka’s Priority Banking, credit card, retail lending, deposit, and Small and Medium Enterprise (SME) portfolios. DFCC Bank said it will ensure a smooth transition for customers and employees, maintaining continuity of services and relationships during the integration process.
DFCC described the move as part of its strategic growth plan to expand its retail and wealth management franchise, enhance scale, and create long-term value for customers, staff, and shareholders.
The transaction is expected to be completed by early 2026, pending approval from the Central Bank of Sri Lanka. DFCC said a further announcement will be made once the transaction is concluded.
DFCC Bank shares closed at Rs. 170.50, gaining Rs. 0.75 from the previous close as the announcement was made after regular trading hours at the Colombo Stock Exchange.
The bank reported profit of Rs. 13.2 billion for the nine months to end September, up 121% from a year earlier. It reported retained earnings of Rs. 47 billion, with total assets amounting to Rs. 851.7 billion, up 21% from end-December 2024.
The proposed deal follows a global trend with major banks exiting retail operations in emerging markets.
On 24 September, Nations Trust Bank (NTB) surprised the market when it announced a Rs. 18 billion deal to acquire HSBC’s Sri Lankan retail banking business. At the time, the market was mostly aware that Standard Chartered was looking for a buyer for its retail banking business.
Standard Chartered Bank’s relationship with Sri Lanka goes back more than 150 years. DFCC Bank started operations over 70 years ago as a development bank before transitioning into a commercial bank.
DFCC Bank Director/CEO Thimal Perera 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.”
“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,” he added.
Standard Chartered Bank 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 prioritising our employees.
Standard Chartered Bank has a long history and association with Sri Lanka and we remain fully committed to growing our Corporate and Investment Banking business in the country. Our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership, and innovative solutions they expect from Standard Chartered Bank.”
