DFCC Bank has completed the acquisition of Standard Chartered Bank Sri Lanka’s retail and wealth management business for a final premium of LKR 3,655 million plus applicable taxes, marking a significant expansion of its presence in Sri Lanka’s retail banking and wealth management segments.
The acquisition, initially announced as a key component of DFCC Bank’s long-term growth strategy, is expected to strengthen its retail and wealth management proposition while expanding its customer base across several high-growth segments.
According to a disclosure filed with the Colombo Stock Exchange on August 3, the completed migration involved approximately 50,000 customers across Priority Banking, credit cards, retail lending, deposits and SME portfolios.
To support the newly transferred customer relationships, DFCC Bank has also onboarded 260 former Standard Chartered Bank Sri Lanka employees. The move fulfils a commitment made by DFCC Bank CEO Thimal Perera when the transaction was announced to provide comparable employment opportunities and avenues for career development to affected Standard Chartered employees.
The acquisition has also significantly expanded DFCC Bank’s physical presence across the country. With the integration of six former Standard Chartered branches, DFCC Bank’s branch and service network has increased to 139 locations islandwide.
The transaction was funded entirely through DFCC Bank’s internally generated capital, in line with the Bank’s earlier commitment, highlighting its financial capacity to complete the acquisition without external capital requirements.
While DFCC Bank has assumed Standard Chartered’s retail and wealth management operations, Standard Chartered Bank Sri Lanka remains active in the country. The bank has stated that the divestment is aligned with its global strategy of focusing resources on its Corporate and Investment Banking business, where it continues to maintain a distinctive client proposition.
The transaction received the necessary regulatory approvals from the Central Bank of Sri Lanka, paving the way for its completion as DFCC Bank marks its 70th anniversary.
The acquisition represents an important milestone in DFCC Bank’s continued transformation and supports its ambition to become one of Sri Lanka’s most customer-centric financial institutions. The expanded customer base, workforce and physical network are expected to provide a stronger platform for the Bank to deliver a broader range of financial solutions.
For the approximately 50,000 customers transitioning to DFCC Bank, both institutions have emphasised their commitment to ensuring continuity of services and a smooth transition throughout the integration process.
DFCC Bank Completes Acquisition of Standard Chartered Sri Lanka’s Wealth and Retail Banking Business
DFCC Bank PLC has completed the acquisition of Standard Chartered Bank Sri Lanka’s Wealth and Retail Banking business, bringing approximately 50,000 customers and employees from the acquired business into the DFCC Bank network.
The transaction covers customer relationships across Priority Banking, credit cards, retail lending, deposits, wealth management and small and medium enterprise (SME) portfolios, together with selected operating assets. The acquisition strengthens DFCC Bank’s capabilities in retail banking, wealth management and SME services while significantly expanding the scale and reach of these businesses.
A key priority throughout the integration has been ensuring continuity for customers. Months of detailed preparation and close collaboration between the two organisations have enabled customers to retain many of the banking arrangements, relationships and services they rely on.
Existing Standard Chartered account numbers remain usable alongside customers’ new DFCC Bank account numbers. Existing credit and debit cards, card PINs, standing instructions, direct debits and recurring payment arrangements also continue to operate without disruption.
Saved payees and beneficiaries have been migrated to DFCC Bank’s digital banking platforms, DFCC ONE and DFCC iConnect, helping to minimise the inconvenience typically associated with switching banks. Customers with existing branch and Relationship Manager arrangements can also continue banking through the same branches and with the Relationship Managers they already know and trust.
Customers joining DFCC Bank will now have access to its broader portfolio of personal banking, wealth management, SME, card and lending solutions. They are supported by an islandwide network of more than 130 branches, access to over 5,000 ATMs through the LankaPay network, digital banking platforms including DFCC ONE and DFCC iConnect, and dedicated customer service channels.
Eligible customers will also have access to DFCC Pinnacle, the Bank’s premium banking proposition.
The acquisition represents an important milestone in DFCC Bank’s long-term strategy to expand its retail and wealth management franchise, strengthen its SME offering and enhance its ability to serve customers across Sri Lanka.
Commenting on the completion of the transaction, Thimal Perera, Chief Executive Officer of DFCC Bank, said:
“From the very beginning, our focus has been on making this transition as seamless and familiar as possible for customers. Behind that experience has been an exceptionally complex technology programme, supported by months of detailed planning, close collaboration and an extraordinary effort by teams across both organisations.”
He added:
“Success meant ensuring that customers experienced as little of that complexity as possible. Their existing Standard Chartered account numbers remain usable alongside their new DFCC Bank account numbers. They can continue using the same credit and debit cards and the same card PINs, while their standing instructions, direct debits, recurring payments, instalment arrangements and other everyday banking arrangements continue as before.”
Perera further noted that the migration of saved payees and beneficiaries to DFCC Bank’s digital platforms was designed to remove one of the most common inconveniences customers face when changing banks. Customers with existing branch and Relationship Manager arrangements can also continue accessing services through the same branches and with familiar Relationship Managers.
The completion of the acquisition marks a significant expansion of DFCC Bank’s customer base and strengthens its position across Sri Lanka’s retail, wealth management and SME banking sectors.
DFCC Bank Completes LKR 3.65 Bn Acquisition of Standard Chartered’s Retail and Wealth Business
