Nations Trust Bank PLC (NTB) has entered into a binding Sale and Purchase Agreement with HSBC, acting through its Sri Lanka Branch (HSBC Sri Lanka), to acquire its retail banking business carried out in Sri Lanka for a consideration of LKR 18 billion and applicable taxes if any.

“This transaction was approved by the Board of Directors of NTB on 23 September 2025, and will be funded by internally generated funds, while maintaining all regulatory ratios,” NTB has informed the Colombo Stock Exchange (CSE) in a corporate disclosure.

The transaction is expected to reach completion in the first half of 2026, subject to mandatory regulatory approval from the Central Bank of Sri Lanka and the satisfaction of other conditions precedent as set out in the Sale and Purchase Agreement, the bank further said.

“The proposed acquisition covers HSBC Sri Lanka’s retail banking business including premium banking customers, credit cards, retail loans and accounts of approximately 200,000 customers. The transaction includes an offer of employment to staff of HSBC Sri Lanka who are currently supporting its retail banking business. This will ensure a smooth transition for customers.”

“This acquisition will reinforce Nations Trust Bank’s leadership in the premium retail banking space and reflect its continued commitment to delivering exceptional value to clients,” the disclosure added.