Business
Cargills Bank IPO opens for subscription
Cargills Bank announced its Initial Public Offering (IPO) to raise Rs.500Mn of Tier 1 capital through the issuance of 62.5 million shares at Rs.8/- per share, marking a significant milestone in the bank’s journey. The IPO is now open for applications, and the opening of the subscription list will be on 14 December 2023.
Senarath Bandara, Managing Director / CEO of Cargills Bank
Speaking at the launch of its Initial Public Offering, Senarath Bandara, Managing Director / CEO of Cargills Bank, stated “Over the past three years, despite the difficult economic and operating conditions, the Bank has stabilized its course, and is now positioned for growth. We have recorded a 20% year-to-date growth in net assets this year, and we plan to accelerate this growth in the coming years through our planned initiatives.
Our approach to business is different to others in the industry. We have a development orientation in our approach, but we do not disregard the commercial banking aspect, which is important for us to achieve our growth aspirations. Though we are the latest addition to the banking industry, we have a firm footing with the network and opportunities presented within the Cargills ecosystem.”
With a vision to be Sri Lanka’s most inclusive bank harnessing the spirit of progress in every Sri Lankan, Cargills Bank is the financial services arm of the Cargills Group, providing a full range of banking and financial services. The Bank carries a supported National Long-Term Rating of A(lka) by Fitch Ratings Lanka.
The Bank’s distinctive retail banking model comprises 24 fully-fledged Cargills Bank branches supported by the Cargills Bank MINI service channel located at 29 selected Central Bank-approved Cargills supermarket outlets, giving the Bank a network of over 50 touchpoints through which customers can easily start and manage their banking relationship.
Capitalizing on the strength of the Cargills Retail network, the bank facilitates deposits, withdrawals, domestic fund transfers and collection account services at 478 Cargills supermarket outlets across the country.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
