The Central Bank license given to Cargills (Ceylon) PLC to operate a commercial bank called Cargills Bank Ltd. has limited the bank chain to three branches, reports say.
Accordingly, the headquarters of Cargills Bank will be set up in the ceramic building in Kollupitiya while the other two branches will be located in Independence Avenue, Colombo 07 and in Batticaloa.
The license lacked the signature of the President Mahinda Rajapaksa for some time. According to the Banking Act, the President's signed approval in his capacity as Finance Minister is required to commence a new Banking venture.
Earlier, a spokesman of Cargills Bank had revealed that the bank would expand throughout the island choosing 10 strategically located branches.
He added that all facilities required were completed and employees required were recruited.
Former CEO of Sampath Bank - Harris Premaratne is to be the CEO of Cargills Bank, which was to kick start operations with a Rs. 4 billion investment.
Ranjit Page will be the Chairman of the Bank.
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