Cargills Bank’s Rs.500mn IPO opens for subscription

Cargills Bank 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 now open for applications and the opening of the subscription list will be on December 14, 2023.
Speaking at the launch of its IPO, Cargills Bank Managing Director/CEO Senarath Bandara stated, “Over the past three years, despite the difficult economic and operating conditions, the bank has stabilised its course and is now positioned for growth. We have recorded a 20 percent 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.”

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 the customers can easily start and manage their banking relationship. 

Capitalising 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.