DFCC Bank Completes Acquisition of Standard Chartered Sri Lanka’s Retail and Wealth Business

DFCC Bank PLC announced the successful completion of its acquisition of Standard Chartered Bank Sri Lanka’s wealth and retail banking business, marking a significant milestone in its long-term growth strategy.

The transition brings approximately 50,000 customers and a team of experienced colleagues into DFCC Bank, along with a comprehensive portfolio that includes Priority Banking, credit cards, retail lending, deposits, wealth management, and small and medium enterprise (SME) services. The acquisition also covers selected operating assets, further strengthening DFCC’s capabilities across its retail, wealth, and SME segments.

With a strong focus on customer continuity, DFCC Bank has ensured a seamless transition through months of detailed planning and collaboration between both institutions. Customers can continue using their existing Standard Chartered account numbers alongside new DFCC account numbers, while maintaining uninterrupted access to their credit and debit cards, PINs, standing instructions, direct debits, and recurring payment arrangements.

In addition, saved payees and beneficiaries have been successfully migrated to DFCC’s digital banking platforms, DFCC ONE and DFCC iConnect, minimizing disruption and enhancing convenience. Customers will also continue to engage with the same branches and Relationship Managers they are familiar with, ensuring consistency in service.

As part of the transition, customers now gain access to DFCC Bank’s broader suite of financial solutions, supported by an islandwide network of over 130 branches and access to more than 5,000 ATMs via the LankaPay network. Eligible clients can also benefit from DFCC Pinnacle, the bank’s premium banking offering.

DFCC Bank CEO Thimal Perera stated that the primary objective throughout the process was to deliver a seamless and familiar experience for customers, despite the complexity behind the integration. He highlighted the collaborative efforts of teams from both banks, along with support from the Central Bank of Sri Lanka and technology partners, in ensuring a smooth transition.

Standard Chartered Sri Lanka CEO Bingumal Thewarathanthri noted that the move aligns with the bank’s global strategy to focus on areas where it holds scale and competitive strength. He expressed appreciation to clients and staff for their trust and professionalism, while extending best wishes to those transitioning to DFCC Bank.

The acquisition represents a strategic step for DFCC Bank as it expands its retail and wealth management franchise, strengthens its SME portfolio, and enhances its ability to serve a broader customer base across Sri Lanka.