Nations Trust Bank (NTB) has received the Central Bank of Sri Lanka (CBSL) approval for its previously announced acquisition of the Retail Banking operations of Hongkong and Shanghai Banking Corporation, Sri Lanka (HSBC Sri Lanka).
In September this year, HSBC Sri Lanka signed a binding agreement to transfer its Retail Banking operations to NTB.
The acquisition would provide NTB with around 200,000 HSBC Sri Lanka customer accounts, including premium banking clients, retail loans and credit cards.
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It is expected to be completed in the first half of 2026.
Upon closing, HSBC’s corporate and institutional banking operations in Sri Lanka will remain unchanged, continuing to serve international corporate clients and offering cross-border trade and investment services.
NTB said that the acquisition would strengthen its position in the premium retail banking segment and support its long-term growth objectives.
Nations Trust Bank director and CEO Hemantha Gunetilleke said “The approval from CBSL gives us the go-ahead to move forward with the acquisition process, which is currently progressing very well. We are now able to move into the next phase of the project with confidence.”
The sale of its retail banking business is part of HSBC Group’s simplification plan announced in October last year.
The decision follows a strategic review that determined divestment of the retail unit was the preferred course for the group and its stakeholders.
HSBC, at that time, said the reorganisation allows it to concentrate on areas where it has a competitive focus and growth prospects.
HSBC Sri Lanka CEO Mark Surgenor said: “Our priority during this period is to uphold the highest service levels for our customers and ensure that our colleagues are well supported during the transition into NTB.
“We are working closely with NTB towards a seamless transfer of banking services upon completion of the transaction.”
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