Cargills Bank consolidates foreign currency business

Thursday, 29 August 2019 00:42 -     - {{hitsCtrl.values.hits}}

Cargills Bank is looking forward to grow their foreign currency business by capitalising on Fitch’s new A-(lka) stable rating upgrade of the Bank with a variety of customer focused financial solutions. 

An attractive 5.25% (p.a.) interest for 1 Year US Dollar Fixed Deposits is now on offer.  The bank also offers 4.30% (p.a.) for 6 months and 3.75% (p.a.) for 3 months products, assuring a higher yield for customers. The Bank provides both Personal Foreign Currency Accounts (PFCAs) and Business Foreign Currency Accounts (BFCAs).  

Commenting on the business focus, Cargills Bank Assistant General Manager Buddhika Perera said, “The Bank saw an opportunity for FCY liability growth with the prevailing economic conditions. Our strong capital structure has enabled us to offer highly attractive rates to our customers based on the tenure of deposit and our focus is mainly on US dollars, GBP and Euro. Given the competitive rates of our bank for FCY fixed deposits, and considering the depreciation of the dollar value over a period of time, there is a distinct opportunity for customers to get a better return by investing in FCY accounts as opposed to local deposits.”

“Our growth on FCY deposits has been moderate with a healthy client base, and volume wise it has been quite substantial. This is as a result of the Bank being customer-focused and providing them convenient and beneficial solutions. With Fitch’s new rating, we look forward to consolidate and attract granular level customers,” he further added. 

Cargills is a brand that has faithfully served Sri Lankans for 175 years, built on a foundation of values and ethics. True to this heritage, Cargills Bank is taking banking to the masses by being inclusive and accessible. Cargills Bank is a fully-fledged licensed commercial bank with a BB (lka) Fitch Rating. The amazing Cargills Cash Savings Account is available at over 370 Cargills Food City outlets, allowing you to do grocery shopping and banking at the same place at your convenience.

Cargills Bank’s Head Office is in Colpetty, with branches at Maitland Crescent, Maharagama, Old Moor Street, Wattala, Rajagiriya, Kandy, Peradeniya, Nuwara Eliya, Ratnapura, Thanamalwila, Matara, Galle, Kurunegala, Chilaw, Kaduruwela, Vavuniya, Chunnakam and Jaffna.