Five local banks eye SCB portfolios
At least five local commercial banks are eyeing Standard Chartered Sri Lanka (SCB) wealth and retail banking business in the country, industry officials said.
These banks are currently evaluating the SCB portfolio, they added. The move aligns with SCB’s parent company’s commitment to concentrating resources where the group has the most distinctive client proposition. The bank will continue to serve priority clients as usual during the transition period, expected to take 15-18 months, SCB said in a statement earlier this month.
The deal is expected to close by March next year, with analysts saying that despite being a small portfolio, it is a strong one. The bank is committed to managing the process with key stakeholders to minimise disruption and will continue to update clients on any relevant developments, SCB said further.
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