📉 HSBC Service Centre to Exit Sri Lanka by End-2027

• Key Action: HSBC Electronic Data Processing Lanka Ltd. (HDPL) is shutting down its local global service centre operations and relocating functions to India, the Middle East, and the Philippines due to rising costs and scaling constraints. • Timeline & Staffing: Retrenchment will occur across four batches, starting in December 2026, followed by May, August, and December 2027. HDPL has already trimmed staff prior to this decision. • Economic & Sector Impact: • The exit threatens an estimated 3,000 direct and 500 indirect jobs in the local ICT/BPM and shared services sector. • Operates since April 2004, supporting 24 global markets in core functions like fund administration, banking processing, financial crime risk screening, and trade transactions. • National Context: The exit marks another contraction for HSBC in Sri Lanka, following its withdrawal from the domestic retail banking market earlier this year.