Standard Chartered Bank (SCB) has decided to exit its wealth and retail banking (WRB) business in Sri Lanka as part of a broader strategy to streamline operations and focus on markets with greater scale and strategic importance.

SCB Sri Lanka recently informed its employees and customers of the decision, which is pending regulatory approval. Until the sale is finalized and migration to a new buyer is completed, the WRB division will continue to operate as usual.

Despite the divestment, SCB reaffirmed its long-term commitment to Sri Lanka, emphasizing its continued presence through its Corporate and Institutional Banking (CIB) business. The bank will maintain its role in connecting Sri Lanka to global markets and facilitating international investments.

Operating in Sri Lanka for over 130 years, SCB is one of the country’s oldest foreign banks, with a network of seven branches. Globally, the banking group has a presence in 53 key markets and serves clients in 64 more.

Source – AdaDerana

Esna Group, known for its innovative approach to business, has officially entered the luxury jewellery industry with the launch of Esna Jewellery. Spearheaded by Eshana De Silva, the brand has partnered with renowned jewellery designer Naufer Hassen to bring a new level of craftsmanship and elegance to the Sri Lankan market.

The first Esna Jewellery showroom has opened at One Galle Face, marking the brand’s entry into the premium retail space. This is just the beginning of an ambitious expansion plan, with new showrooms set to launch at Angel Beach Unawatuna next month, followed by Cinnamon Life Mall in August. The brand also has its sights set on international expansion, with a Dubai showroom planned for the near future.

Esna Group has a proven track record of transforming industries. The company made a significant impact in the travel sector with Esna Holidays and redefined Sri Lanka’s hospitality scene with Angel Beach Unawatuna, now a household name. With the launch of Esna Jewellery, the group continues its tradition of industry disruption, bringing innovation and excellence to the world of luxury jewellery.

The Esna Jewellery showroom at One Galle Face is now open, offering a curated collection of fine jewellery that blends timeless craftsmanship with contemporary design.

Bank of Ceylon (BOC), being the No. 01 Bank in Sri Lanka and the country’s highest rated banking brand, achieved robust financial results in 2024, demonstrating both resilience and persistence. The Bank recorded significant growth in key financial metrics, including total assets, deposits, and profitability. This exceptional performance underscores BOC’s agility and adaptability in the face of volatile market conditions and numerous challenges.

The General Manager / Chief Executive Officer, Russel Fonseka emphasized, “Our robust financial results demonstrate our strength and stability in this challenging economic climate. Looking ahead, we are committed to expanding our services, pioneering digital banking solutions, and solidifying our leadership position in Sri Lanka’s banking sector.”