Cargills Bank launched 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 Initial Public Offering, Senarath Bandara, Managing Director / CEO of Cargills Bank said, “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% 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.”
The Bank’s distinctive retail banking model comprises 24 fully-fledged Cargills Bank branches supported by the Cargills Bank MINI service channels 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.
