Home / Financial Services/ Focused on core banking, Cargills Bank divests controlling interest in Colombo Trust Finance

Focused on core banking, Cargills Bank divests controlling interest in Colombo Trust Finance


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 14 September 2017 00:00


Cargills Bank Ltd. is pleased to announce the divesture of 80.34% stake controlling interest in Colombo Trust Finance PLC (CTF) to Dialog Axiata PLC. Upon obtaining approval from the Monetary Board of the Central Bank of Sri Lanka the transaction was successfully completed on 12 September through a crossing transaction on the Colombo Stock Exchange (CSE) for a consideration of Rs. 1,072 million.

 Cargills Bank Managing Director/Chief Executive Officer Prabhu Mathavan said: “The bank’s investment in the finance company was re evaluated and the board of directors recommended a focused effort and energy on core banking activities and endorsed a total exit from its investment in CTF.”

“The proceeds from the divesture of CTF would support to fast track the bank’s growth momentum while strengthening its balance sheet. The bank is optimistic of capitalising its strengths in the newly evolving digital sphere and, with the confidence that digitalisation is the future of the banking industry, has earmarked several exciting initiatives,” he said. 

Mathavan further added, “Cargills Bank is investing to serve a wider spectrum of customers through innovative ‘Fin Tech’ to reach out to the unbanked and underbanked fulfilling its core ethos of bringing financial inclusion to all Sri Lankans.”

Cargills Bank is a fully fledged commercial bank in Sri Lanka with rapidly expanding customer access through its unconventional business model built on access, convenience and inclusivity founded on the retail legacy of its promoters.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

The country needs more Ironmen (and women)

Monday, 26 February 2018

Commendation to Yasas, Julian and the team for a world class event that will have far-reaching positives for Brand Sri Lanka.


Failure at Local Elections: Inability of the Govt. to care for needs of the people

Monday, 26 February 2018

The purpose of this article is to discuss the causes of the massive failure of the Government at the local government elections held on 10 February 2018 and their impact on the economy.


Lessons from LG ElectionsPart 1 Number-twisting game may be self-pleasing but not in accord with eco

Monday, 26 February 2018

The local government elections that concluded on 10 February 2018 have shaken the ruling United National Party(UNP)to its foundation.


Tamil actor Kamal Haasan stars in new role as political leader

Saturday, 24 February 2018

Srinivasan Kamal Haasan is one of India’s foremost film actors. Known popularly as Kamal, the talented and versatile thespian has not only excelled as an actor onscreen, but has successfully engaged in other cinematic spheres too. The multi-faceted


Columnists More