The NTB HSBC retail banking acquisition has received formal approval from the Central Bank of Sri Lanka, marking a major milestone in one of the country’s most notable financial sector transactions. The approval enables Nations Trust Bank to move ahead with the next stages of the acquisition. This deal positions NTB to significantly expand its presence in Sri Lanka’s premium retail banking market.
NTB HSBC retail banking acquisition gains CBSL approval
The NTB HSBC retail banking acquisition has taken a major step forward with Nations Trust Bank PLC announcing that it has received approval from the Central Bank of Sri Lanka to acquire HSBC’s Sri Lankan retail banking operations. Valued at Rs. 18 billion excluding applicable taxes, the transaction represents one of the largest recent developments in the country’s banking landscape. NTB and HSBC entered into a binding Sale and Purchase Agreement in September, with the transaction scheduled for completion in the first half of 2026, subject to final procedural requirements.
Through the acquisition, NTB will take over approximately 200,000 customer accounts currently held by HSBC Sri Lanka. These accounts include premium banking clients, retail loans, and the bank’s credit card portfolio, significantly broadening NTB’s market reach. The move is aligned with NTB’s long-term strategy to strengthen its position in the premium retail banking segment and deliver enhanced value to customers through expanded services and improved banking accessibility.
NTB Director and Chief Executive Officer Hemantha Gunetilleke said the CBSL approval marks an important milestone for the bank as it advances to the next phase of the acquisition. He stated that the process is progressing well and that the approval provides the confidence needed to ensure a smooth transition for customers and bank operations. HSBC Sri Lanka CEO Mark Surgenor emphasised the bank’s commitment to maintaining strong service standards during the transition, noting that both institutions are working closely to ensure a seamless handover of services once the transaction is completed.
The acquisition reinforces NTB’s position as a growing leader in Sri Lanka’s retail banking market, particularly in the premium segment. The integration of HSBC’s customer base strengthens NTB’s capacity to serve a broader portfolio while continuing its focus on customer-centric innovation, operational excellence, and sustainable growth. With approval in place, NTB is poised to make one of its most transformative strategic moves, reflecting its long-term vision for market leadership.