HSBC Sells Sri Lanka Retail Banking Business
Organizational simplification continues at HSBC, this time with the sale of its Sri Lanka retail banking unit.
HSBC has agreed to sell its Sri Lanka retail banking business to local lender Nations Trust Bank, according to a press release.
The deal will include the accounts, credit cards and retail loans of around 200,000 customers. Nations Trust Bank will also offer employment to all staff supporting the business. The transaction is expected to complete in the first half of 2026, subject to regulatory approvals, and generate an immaterial pre-tax gain for HSBC. The British lender’s corporate and institutional banking business in Sri Lanka will not be impacted.
The latest sale is part of HSBC’s broader strategy of simplification, announced in October 2024. This includes focus on «increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support its clients». The bank has been exiting various markets worldwide, including the recent shutdown of its Bangladesh retail business in July.
