Cargills di­vests CTF to fo­cus on core bank­ing

Daily Mirror (Sri Lanka) - - FI­NANCE -

Cargills Bank Lim­ited an­nounced the di­ves­ture of 80.34 per­cent 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 the 12th of Septem­ber 2017 through a cross­ing trans­ac­tion on the Colombo Stock Ex­change (CSE) for a con­sid­er­a­tion of Rs.1,072 mil­lion.

Prabhu Matha­van, Man­ag­ing Di­rec­tor/chief Ex­ec­u­tive Of­fi­cer of Cargills Bank Lim­ited 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 cap­i­tal­iz­ing its strengths in the newly evolv­ing dig­i­tal sphere and, with the con­fi­dence that dig­i­tal­iza­tion 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 ‘Fin Tech’ to reach out to the un­banked and un­der­banked ful­fill­ing its core ethos of bring­ing fi­nan­cial in­clu­sion to all Sri Lankans.”

Prabhu Matha­van

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