DFCC Bank completes acquisition of Standard Chartered’s retail, wealth business

DFCC Bank 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 business into DFCC Bank.

The transaction covers customer relationships across Priority Banking, credit cards, retail lending, deposits, wealth management and small and medium enterprise (SME) portfolios, along with selected operating assets.

The acquisition strengthens DFCC Bank’s retail, wealth management and SME businesses while expanding their scale and reach.

DFCC Bank said the transition had been planned to ensure continuity for customers, following months of preparation and collaboration between the two organisations.

Existing Standard Chartered account numbers remain usable alongside new DFCC Bank account numbers, while existing credit and debit cards, card PINs, standing instructions, direct debits and recurring payment arrangements continue to remain valid.

Customers joining DFCC Bank will gain access to its personal banking, wealth management, SME, card and lending solutions, supported by an islandwide network of more than 130 branches and access to over 5,000 ATMs through the LankaPay network. They will also have access to DFCC ONE, DFCC iConnect and dedicated customer service channels, while eligible customers can access DFCC Pinnacle, the Bank’s premium banking proposition.

DFCC Bank Chief Executive Officer Thimal Perera said the Bank had focused on making the transition as seamless as possible, supported by months of planning and a major technology programme involving teams from both organisations.

He said customers could continue using their existing Standard Chartered account numbers, cards and PINs, while standing instructions, direct debits, recurring payments, instalment arrangements and other everyday banking arrangements would continue as before.

Standard Chartered Sri Lanka Chief Executive Officer Bingumal Thewarathanthri said the transition reflected a strategic decision aligned with Standard Chartered Group’s global strategy to focus resources on areas where it has the necessary scale and a distinctive proposition.

He thanked clients for their trust over the years and employees for their professionalism and commitment throughout the transition.