DFCC Bank strikes deal to take over Standard Chartered’s Sri Lanka retail operations

DFCC Bank Director/Chief Executive Officer Thimal Perera and Standard Chartered Bank Sri Lanka Chief Executive Officer Bingumal Thewarathanthri at signing ceremony 

• Under a binding Business Sale Agreement between the two banks, proposed acquisition will cover all of SCB Sri Lanka’s wealth and retail banking operations
• Includes Priority Banking, credit cards, retail lending, deposits and SME services
• Transaction, subject to approval by Central Bank of Sri Lanka, is expected to be completed by early 2026
• Transaction will be fully funded through DFCC’s internally generated capital

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.

- Thimal Perera

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.

- Bingumal Thewarathanthri 

Sri Lanka’s banking sector yesterday saw a major announcement with DFCC Bank PLC unveiling plans to acquire the wealth and retail banking business of Standard Chartered Bank (SCB) Sri Lanka.

The move will essentially reshape the competitive landscape and mark a new chapter in local banking.

Under a binding Business Sale Agreement signed between DFCC Bank and Standard Chartered Bank, United Kingdom, acting through its Sri Lanka branch, the proposed acquisition will cover all of SCB Sri Lanka’s wealth and retail banking operations. This includes priority banking, credit cards, retail lending, deposits and SME services.

The DFCC–Standard Chartered transaction, subject to approval by the Central Bank of Sri Lanka, is expected to be completed by early 2026.

In a statement, both institutions assured a seamless transition for customers and employees. All staff attached to SCB’s wealth and retail banking business will be offered comparable roles at DFCC, ensuring continuity of service and relationships throughout the integration process.

The transaction will be fully funded through DFCC’s internally generated capital. It also forms a core part of DFCC’s long-term strategy to strengthen its retail and wealth management proposition, broaden its customer base and build scale in key growth segments.

“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,” said DFCC Bank Director and Chief Executive Officer Thimal Perera. 

“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.”

For Standard Chartered, the sale aligns with its global strategy to sharpen focus on areas where it holds the strongest client advantage. 

“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,” said SCB Sri Lanka CEO Bingumal Thewarathanthri. 

He emphasised that Standard Chartered remains deeply rooted in Sri Lanka through its corporate and investment banking business and that the corporate and investment banking clients will continue to receive the high-quality service, trusted partnership and innovative solutions they expect from Standard Chartered Bank.

For DFCC Bank, this acquisition represents a natural progression in its evolution from Sri Lanka’s first development finance institution to a fully-fledged commercial bank. Since its establishment in 1955 and listing on the Colombo Stock Exchange a year later, DFCC has been instrumental in driving the nation’s development. Today, the bank is rated A (lka) by Fitch Ratings and operates through 133 branches and over 6,000 ATMs via the LankaPay network, combining sustainable innovation and digital transformation through platforms such as DFCC MySpace.

With a strong track record in renewable energy and sustainable finance, DFCC continues to deliver on its purpose of building sustainable value and advancing progress, positioning itself as one of the country’s most customer-centric and trusted financial institutions.

Standard Chartered, meanwhile, remains a leading international banking group with a presence in 54 markets worldwide. Listed on the London and Hong Kong stock exchanges, its brand promise ‘Here for good’ reflects its mission to drive commerce and prosperity through diversity and long-term partnership.