Cargills Bank con­sol­i­dates on for­eign cur­rency busi­ness

Daily Mirror (Sri Lanka) - - FINANCE -

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

An at­trac­tive 5.25 per­cent (p.a.) in­ter­est for 1 Year US$ Fixed De­posits is now on of­fer. The bank also of­fers 4.30 per­cent (p.a.) for 6 months and 3.75 per­cent (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 ofthe bank be­ing cus­tomer fo­cused and pro­vid­ing them con­ve­nient and ben­e­fi­cial so­lu­tions. With Fitch’snew rat­ing, we look for­ward to con­sol­i­date and at­tract gran­u­lar level cus­tomers”, he fur­ther added.

‘Cargills’ is a brand that has been faith­fully serv­ing 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 ful­lyfledged 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, Nuwaraeliy­a, Rat­na­pura, Thana­mal­wila, Matara, Galle, Ku­rune­gala, Chi­law, Kadu­ruwela, Vavu­niya, Chun­nakam and Jaffna.

Bud­dhika Perera

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