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.
Managing Director/CEO of Cargills Bank Senarath Bandara said, “At just 6 years old, we are a young bank. 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.”
As the Financial Services arm of the Cargills Group, Cargills Bank was established in 2014 utilizing 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 provides a full range of banking and financial services. Customers may also access their Cargills Bank accounts through Cargills FoodCity outlets island-wide.
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