HSBC Exits: A New Chapter for Sri Lanka's Banking Landscape
HSBC will close its retail banking operations in Sri Lanka by mid-2026, selling its business to Nations Trust Bank for 18 billion SLR. This decision follows a strategic review, aiming to focus on areas with competitive advantage. The transaction includes 200,000 customer accounts, credit cards, and loans.
- Country:
- Sri Lanka
Banking giant HSBC is set to shutter its retail banking operations in Sri Lanka by mid-2026, marking the end of an era for one of the nation's oldest foreign financial institutions. The bank announced on Wednesday that it has entered into a binding sale and purchase agreement with Nations Trust Bank (NTB) to transfer its retail banking business for 18 billion Sri Lankan Rupees.
According to a letter filed with the Colombo Stock Exchange, the acquisition will encompass HSBC's entire retail banking operations in Sri Lanka, which includes around 200,000 customer accounts, credit card services, and retail loans. This move follows a strategic review to streamline operations, focusing on key markets where HSBC holds a competitive edge and significant growth potential.
The transaction is projected to be finalized in the first half of 2026. HSBC first commenced operations in Sri Lanka in July 1892, establishing a long-standing presence in the nation. This strategic decision underscores HSBC's intent to enhance its leadership in areas that promise substantial growth and client support.
(With inputs from agencies.)
Google News