Shareholders of Crescent Commercial Bank Ltd, in an extraordinary general meeting, passed special resolution by which authorised share capital of the Bank was increased and further authorised to issue 600 million new ordinary shares at Rs 10 per share to Samba Financial Group (Samba) of Saudi Arabia.
Shares will be issued to Samba as ordinary shares in a single transaction, Samba owning 68 percent of Bank's equity. Necessary amendments in Memorandum of Association of Bank as a result of this capital increase and appropriate regulatory approvals from the State Bank of Pakistan, SECP and SAMA are now underway together with compliance with pre-completion conditions.
After the investment, the Bank's board will be re-constituted accordingly to reflect revised ownership structure and will be in accordance with requirements of Pakistani and Saudi Arabian regulatory authorities. This transaction and Samba brand will greatly strengthen standing of Bank in Pakistan's financial sector, said President & CEO CCBL Shahzad Naqvi.
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