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Nov 26, 2012 (LBO) – A new commercial bank promoted by Sri Lanka’s Cargills group will seek 3.0 billion rupees through a private placement of shares in January 2013, a media report said. Sri Lanka’s The Island newspaper quoted Harris Premaratne, chief executive of Cargills Agriculture and Commercial Bank as saying that the lender will target agriculture and agri-based industries, dairy farming and fisheries.

The bank was planning branches in Anuradhapura, Polonnaruwa, Jaffna, Ampara (Digamadulla) Galle and Matara districts where agriculture was strong.

The bank will operate through the ‘Food City’ retail store network owned by the Cargills group.