CACB - Shareholders

Gaja · 1 CACB - Shareholders Fri Mar 08, 2013 5:02 pm

Gaja

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IFC & DEG will be having 10% each in the CACB

http://cse.lk/cmt/upload_cse_announcements/8391362741605_.pdf

Gaja · 2 Re: CACB - Shareholders Sat Mar 09, 2013 7:55 am

Gaja

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IFC & DEG to buy 10-pct each in Sri Lanka bank
Mar 09, 2013 (LBO) - The International Finance Corporation, a private sector financing arm of the World Bank and DEG, a German development financier will buy 10 percent stock each in a new Sri Lankan commercial bank.

Cargills Agriculture and Commercial Bank is being promoted by Sri Lanka's Ceylon Theatres group.
Sri Lanka's CT Holdings and Cargills (Ceylon) Plc said have agreed to subscribe 10 percent each in the bank subject to fulfilling "certain terms and conditions."

http://lbo.lk/fullstory.php?nid=98620220

UKboy · 3 Re: CACB - Shareholders Mon Mar 11, 2013 5:06 pm

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Who owns the rest of this new bank?

CHTR should have acquired a stake of an already existing small scale bank rather launch a new bank. I believe that's easier.

Gaja · 4 Re: CACB - Shareholders Mon Mar 11, 2013 7:19 pm

Gaja

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UKboy wrote:Who owns the rest of this new bank?

CHTR should have acquired a stake of an already existing small scale bank rather launch a new bank. I believe that's easier.

Still no idea friend

But i don't think they can buy any existing bank at the moment, even if they buy maximum as group i think they can hold only 15% if am not mistaken. Recent talks are there to increase this percentage.

But for this licence i feel they could have got prior approval from the CBSL to hold higher percentage of time for a define period of time, so if they able to do well then they may be able to sell their stake at a good profit.

Also at the moment i feel getting a commercial bank licence is very difficult, if my memory was correct the restructuring of Premuka Savings bank failed, because the investors wanted to issue the commercial bank licence which was refused by the CBSL

sriranga · 5 Cargills to start banking this year Tue Mar 12, 2013 3:35 am

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http://forum.srilankaequity.com/t19454-cargills-to-start-banking-this-year?highlight=cargills

TUESDAY, 26 JUNE 2012 10:08
Cargills (Ceylon) PLC’s venture into the banking industry through Cargills Agriculture and Commercial Bank (CACB) is on track and will commence operations by the end of this year, sources close to the company said.

The sources stated that the bank would be set up through a mix of foreign and local investments and partners, as the Central Bank of Sri Lanka is likely to allow Cargills only to keep less than 50 percent of the new bank’s ownership.

The source further stated that foreign parties who had already invested in CT Holdings, the parent company of Cargills and a promoter of the bank, are unlikely to have any investments in the new bank, meaning that the bank will likely be set up in collaboration with an entirely new set of investors.

He added that the headquarters for the new bank would likely be located at the old Lanka Ceramics showroom near Majestic City, Bambalapitiya, which is currently under refurbishment. However, two other locations in Colombo are also being considered, the source added.

Cargills Bank was granted provisional approval from the Central Bank of Sri Lanka to set up operations in September last year, subject to fulfilling of the routine terms and conditions.

Subsequent to the Central Bank approval, Har ris Premaratane, former Managing Director of Sampath Bank, was appointed as Managing Director and Chief Executive Officer of CACB, with effect from January 1 this year.

However, since Premaratane took his position at CACB, no other high profile appointments have been announced.

Prior to his term at Sampath Bank, starting from October 2008, Premaratane was involved with the private sector banking giant, Commercial Bank.

Cargills has Sri Lanka’s largest supermarket chain with over 180 outlets islandwide. The firm also has a presence in food processing, dairy products and brewing.
http://www.dailymirror.lk/business/other/19744-cargills-to-start-banking-this-year-.html