CAL charts bold expansion plans on 24th anniversary

Premier full-service investment bank CAL is celebrating  its 24th anniversary and looks to embark on its most ambitious chapter yet – building on its dominance in  local financial markets and  now expanding reach globally, targeting expansion across other frontier markets.

Since its establishment in 2000, CAL has grown into a formidable force in the investment banking space in Sri Lanka, currently operating as either the largest, or second largest player in each of the business segments it operates in. Between its main business segments of primary dealing, asset management, stock brokering and corporate finance, CAL has a market footprint – measured as the volume of transactions flowing through an investment bank – of close to $ 2 billion, making it the largest industry player in the country.

CAL’s international journey commenced in 2022 with the establishment of CAL Bangladesh. Today, 45 of CAL’s 185 staff are based in Dhaka, and the business in Bangladesh features an industry leading offering across stockbroking, investment banking, and wealth management.

The Group now looks to expand further afield, focusing on transactions in frontier markets across the Indian Ocean rim and setting its sights on establishing an ‘on the ground’ presence in a third market within the next 18 months. This strategic move aligns with CAL’s vision to become the world’s leading frontier market investment bank.

The group’s unwavering focus on serving family businesses has been a cornerstone of its strategy, while its ability to adapt to the evolving demands of the financial landscape has kept CAL at the forefront of the industry.

At the heart of CAL’s success is a forward-thinking philosophy: the belief that innovation is an existential need. The company’s young, energetic, and ambitious team, driven by the principle that they are “always only two years away from irrelevance”, has consistently created product and technological solutions that have pushed the boundaries of the financial sector. 

CAL has revolutionised the investment landscape in Sri Lanka by introducing unique financial products and pioneering a digital platform that provides investors with unprecedented access to a comprehensive range of investment options. This digital transformation has allowed the company to serve investors of all sizes, fostering a more inclusive financial ecosystem.

CAL’s impressive financial performance underscores its growth trajectory. For the 2023/2024 fiscal year, the group posted a profit of Rs. 14.4 billion, reinforcing its strong financial foundation. This achievement is a testament to CAL’s formidable team, market leading insights, and consistent innovation.

With their growth plans well defined, the company is now laying the groundwork to reshape the financial landscapes it operates in. Group CEO Kanishke Mannakkara emphasised: “We at CAL believe capital markets are key to creating a prosperous society, and we are committed to driving capital market development, not just in Sri Lanka but across frontier economies.”

As CAL steps into its 25th year, its sights are firmly set on innovation and expansion. With strategic initiatives in motion and exciting developments on the horizon, the group is preparing to open new doors for broader market participation in Sri Lanka and beyond. Its young team is firm in the belief they can deliver on CAL’s purpose of making capital markets, and thus prosperity, accessible to a broad swathe of the diverse communities it operates in.