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


COMMENTS

Today's Columnists

Constitutional reform – A reply to Dr. Wijeyadasa Rajapaksa

Wednesday, 22 November 2017

The lengthy article by Dr. Wijeyadasa Rajapakshe PC on constitutional reform published in the newspapers recently appears to contain several errors of fact and of law


Ranil’s reluctant tryst with truth

Wednesday, 22 November 2017

Twenty years ago in 1998, Dr. Jayadeva Uyangoda writing in the periodical ‘Frontline’ traced our peculiar path of progress in the 50 years of independence


Omni-Channel Synchroniser for banks and financial institutions: An vision to simplify banking

Wednesday, 22 November 2017

Today, as a society we are noticing a historical shift from cash-based transactions to digitisation of financial transactions, and from the use of traditional banking channels to e-channels.


Extending the net of AML/CFT: The need for public awareness

Tuesday, 21 November 2017

By Press Notice, the Central Bank of Sri Lanka (CBSL) through its Financial Intelligence Unit(FIU), has drawn the attention of the public to “Extraordinary Gazette Notification No. 2015/56 dated April 21, 2017 prescribing


Columnists More