Standard Chartered plans Exit from Retail & Wealth Banking in Sri Lanka
Standard Chartered Bank is exploring the sale of its Wealth & Retail Banking (WRB) business in Sri Lanka, according to a communication issued to its clients.Newswire has accessed the message, in which the bank states the move is part of the Standard Chartered Group’s global strategy to focus on markets where it has the strongest client proposition.
The bank has assured clients that the transition process, expected to take 15-18 months, will not impact day-to-day banking operations, and all deposits and funds remain safe. “We will continue to serve you as usual during the transition,” the message states, adding that the sale remains subject to regulatory approvals. Standard Chartered also noted that it is committed to managing the transition with minimal disruption and will continue to keep clients updated on developments.
