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KARACHI: The State Bank of Pakistan (SBP) had granted its final approval to the Samba Bank Limited for issuance of Rated, Privately Placed, Unsecured and Subordinated Term Finance Certificates (TFCs) of Rs 5,000 million.

The Samba Bank has received Rs 5,000 million in its designated account for receipt of proceeds against the issue, material information sent to Pakistan Stock Exchange on Wednesday said.

The fund raised via the TFC will be utilized in business operations as permitted by Memorandum and Articles of Association of the Bank. The TFC will contribute towards the Bank’s Tier 2 Capital for complying with the Capital Adequacy Ratio requirements, subject terms and conditions prescribed in the SBP’s approval.

Copyright Business Recorder, 2021

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