Cargills Bank IPO opens for subscription
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Cargills Bank chairman Richard Ebell (centre) addressing the media at the launch
Cargills Bank last week announced its Initial Public Offering (IPO) to raise Rs.500 million 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 open for applications, and the opening of the subscription list will be on December 14, the bank said in a media release.
Speaking at the launch of its IPO, Senarath Bandara, Managing Director / CEO of Cargills Bank, 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 per cent 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. Though we are the latest addition to the banking industry, we have a firm footing with the network and opportunities presented within the Cargills ecosystem,” he added.
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.
Cargills Bank 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.
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