Nations Trust Bank PLC (NTB) has announced that it has entered into a binding Sale and Purchase Agreement with the Hongkong and Shanghai Banking Corporation (HSBC) to acquire HSBC’s retail banking business in Sri Lanka.

In a filing to the Colombo Stock Exchange, NTB said the agreed purchase price is Rs. 18 billion, in addition to applicable taxes. The transaction will see NTB take over HSBC’s retail operations in the country, marking one of the largest deals in Sri Lanka’s banking sector in recent years. (Newswire)

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