The Standard Chartered Group in Sri Lanka (StanChart) is to sell its Wealth and Retail Banking (WRB) arm, as part of the group’s strategy and commitment to redirecting its resources to its most distinctive client propositions, Standard Chartered Sri Lanka Chief Executive Officer and Sri Lanka Banking and Coverage Head Bingumal Thewarathanthri said.

“As part of Standard Chartered’s group strategy, we are exploring the sale of our Wealth and Retail Banking (WRB) business in Sri Lanka, subject to regulatory approvals, in line with the commitment to concentrating resources where the group has the most distinctive client proposition, ” Thewarathanthri said, in an official statement published by the bank yesterday (26).

He assured that the group will continue to serve its clients during the transition, which is said to take place between 15-18 months, subject to regulatory approvals.

“Your deposits and monies remain safe, and you can continue to perform banking transactions as normal. We are committed to managing this process with our key stakeholders to minimise any disruption to you and we will continue to update you on any relevant developments during the transition.”