Cargills Bank rated AA- (lka) with Stable outlook by Fitch

Fitch Ratings Sri Lanka has recently revised Cargills Bank’s National Long-Term Rating to AA-(lka) with a Stable outlook, from A+ (lka) with a Stable outlook. 

The Rating revision is following the recalibration of the agency’s Sri Lankan national rating scale following Fitch’s downgrade of the sovereign rating on 27 November 2020. The revision of the National Rating of Cargills Bank stems from the change in rating of its parent CT Holdings due to the recalibration of the national rating scale. This revision now places Cargills Bank on the same level as Sri Lanka’s leading and well-established banks. 

Cargills Bank Managing Director and CEO Senarath Bandara said: “At just six-years-old, we are a young bank. But by banking on the human spirit, we have made great strides in our short history. Through our hard work and honest, straightforward business style, we have garnered the respect of the public and built confidence amongst all business sectors. 

“Our main priority is to support the primary sectors of the Sri Lankan economy, with a strong focus on the agricultural sector and SMEs. This ties into our overall goal of becoming the most inclusive bank in Sri Lanka, while leveraging the support and resources available to us through the Cargills Group ecosystem. Achieving success and ensuring the best services possible has been exceedingly challenging in the post-COVID environment. 

“Thus, we are proud that with the support of our parent Cargills Group, we have received a rating of AA-(lka) with a Stable outlook from such a well-respected entity as Fitch Ratings Sri Lanka. We will continue to work to become the best and most inclusive bank in Sri Lanka.”

As the financial services arm of the Cargills Group, Cargills Bank was established in 2014 with a vision to be the most inclusive bank in Sri Lanka, utilising technology to harness the extensive Cargills ecosystem to provide holistic financial and market solutions to support agriculture and entrepreneur development in Sri Lanka. 

The bank has also embraced the Central Bank’s vision of a cashless society, being the first Financial Institution to issue and acquire LankaQR transactions in Sri Lanka, and facilitates technology-based payment solutions in Sri Lanka. Cargills Bank also enabled the acceptance of LankaQR payments at selected Cargills Food City outlets, making Cargills Food City the first supermarket in the country to accept LankaQR payments.

Cargills Bank provides a full range of banking and financial services. Customers may also access their Cargills Bank accounts through Cargills FoodCity outlets island-wide and enjoy free cash deposits and withdrawals at any Cargills FoodCity counter, courtesy of the Cargills Cash Service. 

Cargills Bank’s services include a full range of savings accounts, investment planner accounts, credit and debit cards, consumer loans, agriculture and micro financing, SME and business banking loan facilities and Trade facilities. 

The bank also provides a range of flexible and convenient digital banking services, ensuring 24/7 access and absolute convenience. Cargills Bank is headquartered in Colpetty in Colombo and maintains branches at Maitland Crescent, Maharagama, Old Moor Street, Wattala, Kandy, Peradeniya, Nuwara Eliya, Chilaw, Fort, Rajagiriya, Ratnapura, Thanamalwila, Matara, Galle, Kurunegala, Kaduruwela, Vavuniya, Chunnakam, Jaffna and Nawalapitiya.

Fitch Ratings Sri Lanka is part of USA-based Fitch Ratings, which is one of the top three financial ratings services in the world. Financial ratings services conduct research and assess the status, structure and stability of financial services providers worldwide and provide independent ratings based on such data.