Sri Lanka’ Cargills (Ceylon) PLC has been given the go ahead to start its own Bank by the Island’s banking regulator, a stock market disclosure by the firm announced.
Cargill’s Bank Limited has been given the license to start commercial operations starting from the January 21, 2014.
The entry’ of Cargills Bank has been on the cards for over two years with the promoters having filed an application way back in September 2011. It will be the 13th local commercial bank and the 25th when foreign banks are included.
Operations are slated to start by the first quarter of this year.