Standard Chartered Bank, one of the oldest international banks operating in Sri Lanka, has decided to sell its wealth and retail banking business to a third party. This decision was officially communicated to customers by the bank’s Chief Executive Officer, Bingumal Thewarathanthri.
Focus on Corporate and Institutional Banking
According to the CEO’s statement, Standard Chartered aims to shift its focus towards corporate and institutional banking services in Sri Lanka. The bank assured customers that its day-to-day operations would continue without disruption during this transition.
Regulatory Approvals and Timeline
Thewarathanthri also emphasized that the transaction requires approval from regulatory bodies, including the Central Bank of Sri Lanka. The completion of the sale is expected to take between 15 to 18 months.
A Strategic Move Amid Global Restructuring
Having operated in Sri Lanka for over 100 years, Standard Chartered’s decision aligns with its broader global business strategy realignment. Analysts suggest that this move is part of the bank’s effort to streamline its operations and focus on key growth areas.