Sri Lanka, Sept. 28 -- The Hongkong and Shanghai Banking Corporation Limited, Sri Lanka Branch ('HSBC Sri Lanka') has entered into a binding agreement to sell its retail banking business to Nations Trust Bank PLC ('NTB').
The transaction covers HSBC's entire retail banking business in Sri Lanka including the accounts, credit cards, and retail loans of approximately 200,000 customers.
As part of the transaction, NTB has agreed to make an offer of employment to all staff of HSBC Sri Lanka supporting its retail banking business. HSBC's Corporate and Institutional Banking business in Sri Lanka is not impacted by this decision.
HSBC will continue to support its corporate and institutional clients and enable two-way trade and investment flows ...