DFCC Bank Agrees to Purchase Standard Chartered’s Sri Lankan Operations

DFCC Bank has entered into a binding agreement to acquire Standard Chartered Bank’s (SCB) wealth and retail banking businesses in Sri Lanka. This acquisition includes SCB Sri Lanka’s credit card portfolio, deposit accounts, Priority Banking services, retail lending, and operations related to small and medium enterprises (SMEs) in the country.

As part of the agreement, employees currently working in the wealth and retail banking divisions of SCB Sri Lanka will be offered equivalent positions at DFCC Bank, ensuring continuity for staff in the transition.

The purchase will be entirely financed using DFCC Bank’s own capital, with no external funding involved.

The deal is subject to approval from the Central Bank of Sri Lanka and is expected to be finalised in early 2026.

Bingumal Thewarathanthri, CEO of SCB Sri Lanka, explained, “The sale of our Wealth and Retail Banking business aligns with Standard Chartered Bank’s global strategy to focus resources where we have the most distinctive client propositions. We are committed to working closely with DFCC Bank in the coming months to ensure a smooth transition, safeguarding the interests of our valued clients and prioritising our employees.”

Both banks have expressed a mutual commitment to maintaining uninterrupted service for their customers during the integration process.

The acquisition aligns with DFCC Bank’s strategic goal of strengthening its position in retail and wealth management, expanding its customer base, and increasing its presence in key growth sectors.

DFCC Bank’s CEO and Director, Thimal Perera, commented, “As we celebrate 70 years of banking, this strategic move reaffirms our confidence in Sri Lanka’s potential and strengthens our long-standing commitment to supporting the economy and, above all, the people of Sri Lanka. This acquisition is not just about scale; it’s about furthering our purpose: enabling meaningful growth, delivering real value, and upholding the trust of every stakeholder we serve, from individuals and businesses to the SMEs that are the backbone of our nation’s economy.”

Key Points of the Acquisition