DFCC Bank completes acquisition of Standard Chartered Sri Lanka’s Wealth and Retail Banking Business

DFCC Bank PLC has finalized the acquisition of Standard Chartered Bank Sri Lanka's Wealth and Retail Banking business, incorporating approximately 50,000 customers along with their respective associates into the newly acquired entity. The merger encompasses customer relationships spanning Priority Banking, credit cards, retail lending, deposits, wealth management, and small and medium enterprise (SME) portfolios, coupled with select operating assets.

This strategic move bolsters DFCC Bank's retail, wealth management, and SME capabilities while augmenting the scale and influence of these businesses.

To ensure a seamless transition, meticulous planning and collaboration between the two organizations have been executed, enabling customers to maintain many of their familiar banking arrangements, relationships, and services. Existing Standard Chartered account numbers continue to be functional alongside newly issued DFCC Bank account numbers, while credit and debit cards, PINs, standing instructions, direct debits, and recurring payment arrangements remain unaffected.

Furthermore, saved payees and beneficiaries have been migrated to DFCC Bank's digital banking platforms, DFCC ONE and DFCC iConnect, thereby eliminating one of the most prevalent inconveniences associated with bank transfers.

Customers who had established branch affiliations and Relationship Managers can continue banking at the same branches and interact with the Relationship Managers they are accustomed to, ensuring a smooth and familiar banking experience throughout the transition.