COLOMBO, Sept 24 – HSBC will end its retail banking operations in Sri Lanka by mid-2026, marking the exit of one of the island nation’s oldest foreign banks from the retail sector.
In a filing to the Colombo Stock Exchange on Wednesday, Nations Trust Bank (NTB) confirmed it had signed a binding sale and purchase agreement with HSBC to acquire its Sri Lankan retail banking business for SLR 18 billion.
The agreement, dated September 24, 2025, covers HSBC’s entire retail banking portfolio, including customer deposits, loans, and related services.
While HSBC will continue its corporate and institutional banking in Sri Lanka, the decision reflects its ongoing global restructuring strategy, focusing on high-growth Asian markets and core businesses.
NTB said the acquisition will significantly expand its retail customer base and strengthen its presence in the Sri Lankan banking sector.
The transaction is subject to regulatory approvals and is expected to be completed by mid-2026.