Two-notch upgrade to Cargills Bank by Fitch; from ‘A-(lka)’ to ’A+(lka)’

Friday, 3 July 2020 00:00 - - {{hitsCtrl.values.hits}}

Fitch Ratings has upgraded the credit rating of Cargills Bank Ltd. from ‘A-(lka)’ to ‘A+(lka)’ with a stable outlook.

Cargills Bank Managing Director and CEO Rajendra Theagarajah

The National Ratings of the Sri Lankan banks consider their creditworthiness relative to other issuers in the country. The recalibration of the Sri Lankan National Rating scale has resulted in the upward revision of the National Long Term Rating of Cargills Bank Ltd.

This positive revision of the credit rating of the bank in the midst of the global and local economic distress is a testament to the bank’s efforts and commitment in the face of adversity, connecting customers to financial inclusivity, its agility to revalidate the past and realign to the future whilst maintaining robust services in the banking industry and the unstinted backing of its parent, Cargills; a brand that has faithfully served Sri Lankans for 175 years.

Built on this foundation of values and ethics, and true to this heritage and the ethos of ‘Banking on the Human Spirit’, Cargills Bank has taken the concept banking to the masses as an inclusive and accessible financial institution.

Commenting on this accomplishment, Cargills Bank Managing Director and CEO Rajendra Theagarajah said: “It is with pride I note that Cargills Bank has achieved a two-notch upgrade in its Fitch Rating and secured A + (lka) stable rating. This is just within six years of operations and on par with some larger banks that have been in existence for longer period of time. I believe, this is a testament to the unique value and model that we are bringing to the Sri Lankan banking industry backed by the strong support of our parent.”

“We have achieved immense progress in expanding our ability to serve customers across the country. The year ahead will undoubtedly be. Challenging one as the banking sector along with the entire economy strive to revive after a global pandemic. However we are confident that we can move forward in our plan to consolidate our operations while increasing customer engagement and raising awareness about our unique value proposition,” he further added.

Cargills Bank humbly recognises the valuable contributions of its customers, business partners, and other stakeholders to reach this significant milestone.

The bank is geared to serve its customers with a range of innovative financial solutions in retail, sme, business banking and credit cards with competitive rates and unparalleled service.

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