DFCC Bank PLC has informed the Colombo Stock Exchange (CSE) that it has entered into an agreement to acquire the wealth and retail banking business of Standard Chartered Bank (SCB) in Sri Lanka for a consideration of Rs. 3.7 billion, subject to regulatory approval.
The agreement was signed on November 12, 2025, between DFCC Bank PLC and Standard Chartered Bank, England, acting through its Sri Lankan branch. The deal covers SCB’s Priority Banking, credit card, retail lending, deposit, and SME portfolios, and is expected to be concluded by early 2026 following approval from the Central Bank of Sri Lanka.
DFCC said the acquisition will be funded through internally generated funds and aligns with its strategic growth agenda to strengthen its retail and wealth management franchise. The bank said it will ensure a seamless transition for both customers and employees of SCB Sri Lanka during the integration process.
Standard Chartered, which has operated in Sri Lanka for over 130 years, said its decision to exit the wealth and retail banking segment is part of a broader global strategy to streamline operations and focus on markets with greater scale and strategic importance.
The bank reaffirmed its long-term commitment to Sri Lanka through its Corporate and Institutional Banking business, which will continue to connect the country to global markets and facilitate international investments. (Newswire)