HSBC to sell Sri Lanka retail banking business to Nations Trust Bank
FILE PHOTO: A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu/File Photo
HONG KONG :HSBC has agreed to sell its retail banking operations in Sri Lanka to local peer Nations Trust Bank, the lender said late on Wednesday.
The transaction covers HSBC's entire retail banking business in Sri Lanka, including the accounts, credit cards, and retail loans, according to the company statement.
Financial details of the deal were not disclosed.
The divestment comes as the Asia-focused lender continues to shed less-profitable businesses globally, following a strategic review launched in October 2024 to simplify its business and shrink its geographical footprint.
HSBC said the sale, expected to be completed in the first half of 2026 without a material impact on its profit gain, is subject to regulatory approvals.
The London-headquartered lender said its corporate and institutional banking business in Sri Lanka is not impacted by this decision.
Nations Trust Bank has agreed to "make an offer of employment to all staff" of HSBC's Sri Lanka retail business, according to the statement.
