(MENAFN- Colombo Gazette) Nations Trust Bank PLC (NTB) announced this week that the Central Bank of Sri Lanka has approved its acquisition of HSBC's retail banking operations of The Hongkong and Shanghai Banking Corporation in Sri Lanka.

NTB and HSBC signed a binding sale and purchase agreement in September, with the transaction expected to be completed in the first half of 2026.

Once finalised, the acquisition will transfer about 200,000 customer accounts to Nations Trust Bank, including premium banking clients, credit card portfolios and retail loan facilities. The move is expected to expand NTB's footprint in the premium retail banking segment and support its long-term growth plans.

“We are now able to move into the next phase of the project with confidence,” NTB Director and Chief Executive Officer Hemantha Gunetilleke said, noting that the approval allows the bank to proceed with the transition activities already underway.

HSBC Sri Lanka Chief Executive Officer Mark Surgenor said the bank's priority during the interim period is to maintain service quality and ensure that staff are supported as they prepare for the transfer to NTB.“We are working closely with NTB towards a seamless transfer of banking services upon completion of the transaction,” he said.

The acquisition is one of the largest retail banking transitions in the local market in recent years and positions Nations Trust Bank to strengthen its presence in high-value customer segments.

Nations Trust Bank serves consumer, commercial and corporate clients across multiple channels and is the issuer and sole acquirer of American Express Cards in Sri Lanka.

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