HSBC service centre to exit Sri Lanka

Tuesday, 20 October 2026 02:08 - - {{hitsCtrl.values.hits}}

HSBC Electronic Data Processing Lanka Ltd., (HDPL), the bank’s global service centre, will exit Sri Lanka owing to rising costs and an inability to scale.

Staff said they had been notified that they would be let go in four batches as operations relocate to other locations, including India, the Middle East, and the Philippines.

At an all-hands meeting at HDPL’s offices at Mireka Towers in August, staff were told a decision to exit Sri Lanka would be made and communicated in October. On 7 October, they were told they would be let go in four batches, with the first retrenchment in December 2026, followed by batches in May, August, and December 2027.

HDPL had already trimmed staff before this, as various functions were relocated to other service centres.

Opposition Leader Sajith Premadasa, meanwhile, warned the move would cost the country 3,000 direct and 500 indirect jobs. In a post on ‘X,’ Premadasa said he had heard that the withdrawal was scheduled to be completed in December 2027.

“It would spell a significant economic setback for our motherland,” he said.

HDPL began operations in April 2004 and supports customers across 24 markets in North America, Europe, the Middle East, and Asia-Pacific. Its work includes fund administration, banking transaction processing, customer due diligence, financial crime risk screening, and trade transactions.

Earlier this year, HSBC exited the retail banking business in Sri Lanka.