• WRB business in Sri Lanka is an excellent franchise and will continue to operate on a business-as-usual basis until completion of sale and migration to a buyer
• SCB remains committed to strong presence in SL through corporate and institutional banking
• Will continue to connect Sri Lanka to global opportunities whilst helping international clients access Sri Lanka

Global giant, Standard Chartered Bank (SCB) is to divest its wealth and retail business in Sri Lanka and focus more on corporate and institutional clients.

The move is part of the Group’s strategy to concentrate resources and sharpen focus on markets that provide a distinctive proposition and necessary scale.

SCB Sri Lanka recently updated its colleagues and customers of its intention to explore the sale of the wealth and retail banking (WRB) business in Sri Lanka, subject to regulatory approvals.

“Our WRB business in Sri Lanka is an excellent franchise and it will continue to operate on a business-as-usual basis until completion of the sale and migration to a buyer which will occur only after regulatory approval,” a spokesperson for the SCB Sri Lanka said when contacted.

“We have a rich legacy in Sri Lanka spanning over 130 years, and we remain committed to a strong presence in the country through our Corporate and Institutional Banking (CIB) business, which will continue to connect Sri Lanka to global opportunities whilst helping international clients access the market here,” the spokesperson added.

SCB is one of the oldest foreign banks in the country. It has a network of 7 branches across 7 cities.

Globally, SCB is a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64.