Nations Trust Bank (NTB) has secured approval from the Central Bank of Sri Lanka for its planned acquisition of the Retail Banking operations of HSBC Sri Lanka.
The transaction, first announced in September when HSBC signed a binding agreement with NTB, will transfer around 200,000 customer accounts to NTB, including premium banking clients, retail loans and credit cards.
Following the transfer, HSBC will continue to operate its corporate and institutional banking business in Sri Lanka, serving international corporates and supporting cross-border trade and investment flows. NTB said the acquisition would enhance its position in the premium retail banking space and reinforce its long-term growth strategy.
Hemantha Gunetilleke, Director and CEO, NTB, said the regulatory approval allows the bank to move confidently into the next phase of the project, which he noted is progressing well. The sale forms part of HSBC Group’s simplification plan announced in October last year after a strategic review determined that divesting the retail unit was the preferred option for the organisation and its stakeholders.
Mark Surgenor, CEO, HSBC Sri Lanka, said the bank’s priority during the transition is to maintain high service standards and ensure its employees receive full support. He added that HSBC is working closely with NTB to ensure a smooth transfer of services once the transaction is completed.
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