Srilanka, Nov. 13 -- Sri Lanka's banking sector yesterday saw a major announcement with DFCC Bank PLC unveiling plans to acquire the wealth and retail banking business of Standard Chartered Bank (SCB) Sri Lanka.

The move will essentially reshape the competitive landscape and mark a new chapter in local banking.

Under a binding Business Sale Agreement signed between DFCC Bank and Standard Chartered Bank, United Kingdom, acting through its Sri Lanka branch, the proposed acquisition will cover all of SCB Sri Lanka's wealth and retail banking operations. This includes priority banking, credit cards, retail lending, deposits and SME services.

The DFCC-Standard Chartered transaction, subject to approval by the Central Bank of Sri Lanka, is e...