DFCC Bank has signed a binding business sale agreement to acquire Standard Chartered Bank’s (SCB) wealth and retail banking businesses in Sri Lanka.

The deal includes SCB Sri Lanka’s credit card portfolio, deposit accounts, Priority Banking services, retail lending, and small and medium enterprise (SME) operations in the country.

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

The purchase will be financed solely from DFCC Bank’s own capital.

The deal is pending approval from the Central Bank of Sri Lanka and is anticipated to be completed in early 2026.

SCB 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.”

Both banks have said they will work together to maintain uninterrupted service and ensure a smooth transition for customers during the integration process.

The planned acquisition is said to be aligned with DFCC Bank’s strategy to enhance its position in retail and wealth management, expand its customer reach, and increase its presence in important growth areas.

DFCC Bank CEO/director Thimal Perera said: “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.”