DFCC Bank PLC has officially completed its acquisition of Standard Chartered Bank (SCB) Sri Lanka’s wealth and retail banking business, marking a significant consolidation in the local banking sector. The transition, which became effective on August 1, 2026, saw live operations for the acquired business commence this morning, August 3.

This milestone follows a binding Business Sale Agreement reported by Ada Derana Business in November 2025.

DFCC Bank to Acquire Standard Chartered Bank’s Wealth and Retail Banking Business in Sri Lanka

November, 12, 2025

At the time of the initial announcement, DFCC Bank noted that the acquisition was a key pillar of its long-term strategy to scale up its retail and wealth management proposition while broadening its customer base in high-growth segments.

According to a disclosure filed with the Colombo Stock Exchange today (03), the migration involved approximately 50,000 customers across various portfolios, including Priority Banking, credit cards, retail lending, deposits, and SME segments. To support these new relationships, DFCC Bank successfully onboarded 260 former SCB Sri Lanka employees. This fulfills a commitment made by DFCC CEO Thimal Perera during the deal’s inception to provide comparable roles and career growth opportunities for SCB staff.

The integration has also expanded DFCC’s physical footprint. By incorporating six former SCB branches, DFCC’s total network has now grown to 139 locations across the island.

The final premium for the transaction was revealed to be LKR 3,655 million, plus applicable taxes. DFCC Bank previously stated that the acquisition would be funded entirely through internally generated capital, highlighting a strong financial foundation.

While DFCC Bank absorbs the retail and wealth business, Standard Chartered Bank is not exiting the country. SCB Sri Lanka CEO Bingumal Thewarathanthri previously clarified that the sale aligns with the bank's global strategy to concentrate resources on its Corporate and Investment Banking business, where it maintains a "distinctive client proposition".

The completion of this deal, which received necessary approvals from the Central Bank of Sri Lanka, marks a new chapter for DFCC Bank as it celebrates 70 years of operations. The bank has expressed its intention to use this expanded scale to advance its goal of becoming the most customer-centric bank in the country.

For the 50,000 transitioned customers, both banks have emphasized a commitment to a seamless transition and continuity of service delivery.