Mirror Business spoke to Cargills Bank AGM Corporate Banking and SME Palan Rajanathan regarding the bank and its services. Following are the excerpts of the interview.

Can you speak of what the bank offers to your business customers?
Cargills Bank offers a range of business banking solutions to small and medium enterprises (SMEs) and larger corporate customers. Within our product range, trade services have been at the forefront of offerings by Cargills Bank to its clients since the inception of the bank over one year ago. We also provide general working capital financing and term financing for businesses. We are pleased to have already assisted businesses in expanding their operations within the short span of time we have been conducting banking business.


How has the bank been able to assist SMEs? 
We noted a significant interest rate variation on borrowings between larger corporate names and other customers. We focused and provided immediate financial benefits through lower cost financing and services to medium-sized and smaller enterprises. Our aim is to provide interest rates and services that meet the needs of these customers which will make these companies competitive and that will enable both of us to grow. We have also recently started invoice discounting which provides a cheaper alternative to factoring.

Our deposit rates are also attractive and Cargills Bank Limited is able to give customers a better return on their excess funds which has been appreciated by our customers.


In terms of trade services what is the value addition that you provide?
No matter the size of the customer or where they do business, we work with our clients to make a difference in their business both in terms of cost and services and our experienced trade team goes the extra mile and provides advice and necessary training to the client’s staff if required. The bank’s trade management team includes subject matter expert trainers with wide experience in international banking and trade finance in Sri Lanka as well as overseas. The bank visits the customers regularly to discuss their business needs and tries and understand their requirements. Our exchange rates on trade transactions are also very competitive and this has been acknowledged and valued by our customers.


Do you require properties as security to take working capital facilities?
Our evaluation is based on the business needs and the requirements of the businesses including their cash flows and financials. Security is a consideration of the entire proposal and Cargills Bank does not utilize security as the sole consideration for granting accommodation to our clients for their business needs.


What are the future plans in terms of business banking?
Businesses will have numerous opportunities due to the expected growth in our economy. At Cargills Bank we practice inclusive banking and we aim to service the business community at large and bring business banking to all segments of the community and make a difference to their banking and business experience. There will be interesting developments in our product offering and our IT infrastructure going forward which will ultimately benefit the end customer.  
We also look forward to supporting the agricultural sector and businesses located out of the major towns and locations throughout the country.
Can you tell us more about Cargills Bank Limited?
A Cargills Bank Ltd is a fully-fledged commercial bank with three branches located in Colpetty, Maitland Crescent and Old Moor Street, providing a range of banking services.