Cargills Bank IPO opens for subscription

Cargills Bank announced its Initial Public Offering (IPO) to raise Rs.500Mn of Tier 1 capital through the issuance of 62.5 million shares at Rs.8/- per share, marking a significant milestone in the bank’s journey. The IPO is now open for applications, and the opening of the subscription list will be on 14 December 2023.

Cargills Bank CEO Senarath Bandara stated, “Over the past three years, despite the difficult economic and operating conditions, the Bank has stabilized its course, and is now positioned for growth.” “We have recorded a 20% year-to-date growth in net assets this year, and we plan to accelerate this growth in the coming years through our planned initiatives.”

“Our approach to business is different to others in the industry. We have a development orientation in our approach, but we do not disregard the commercial banking aspect, which is important for us to achieve our growth aspirations.”

With a vision to be Sri Lanka’s most inclusive bank harnessing the spirit of progress in every Sri Lankan, Cargills Bank is the financial services arm of the Cargills Group, providing a full range of banking and financial services. The Bank carries a supported National Long-Term Rating of A(lka) by Fitch Ratings Lanka.

The Bank’s distinctive retail banking model comprises 24 fully-fledged Cargills Bank branches supported by the Cargills Bank MINI service channel located at 29 selected Central Bank-approved Cargills supermarket outlets, giving the Bank a network of over 50 touchpoints through which customers can easily start and manage their banking relationship.

Capitalizing on the strength of the Cargills Retail network, the bank facilitates deposits, withdrawals, domestic fund transfers and collection account services at 478 Cargills supermarket outlets across the country.

Cargills Bank also provides a range of flexible and convenient digital banking services, including internet banking and a mobile app, that complement the physical touchpoints, offering customers flexibility in accessing banking services on the go. A 24/7 trilingual call centre provides immediate support, ensuring a seamless customer experience.

The Bank has embraced the Central Bank’s vision of promoting a cashless society and was the first to issue and acquire LankaQR transactions in Sri Lanka and support fintechs to offer cashless payments through the JustPay real-time payments system, driving island-wide technology-based payment solutions.

The post Cargills Bank IPO opens for subscription appeared first on DailyNews.