Standard Chartered Bank (SCB) has decided to exit its wealth and retail banking (WRB) business in Sri Lanka as part of a broader strategy to streamline operations and focus on markets with greater scale and strategic importance.

SCB Sri Lanka recently informed its employees and customers of the decision, which is pending regulatory approval. Until the sale is finalized and migration to a new buyer is completed, the WRB division will continue to operate as usual.

Despite the divestment, SCB reaffirmed its long-term commitment to Sri Lanka, emphasizing its continued presence through its Corporate and Institutional Banking (CIB) business. The bank will maintain its role in connecting Sri Lanka to global markets and facilitating international investments.

Operating in Sri Lanka for over 130 years, SCB is one of the country’s oldest foreign banks, with a network of seven branches. Globally, the banking group has a presence in 53 key markets and serves clients in 64 more.