Tier II capital of Rs770m: Askari Bank, JS Bank to act as key financing institutions for NRSP MFB

KARACHI: Askari Bank Limited and JS Bank Limited (Mandated Lead Advisors and Arrangers), have successfully arranged Tier II capital of Rs 770 million for NRSP Microfinance Bank Limited (NRSP MFB)

The capital instrument was placed with some of the leading financial institution participants in the domestic debt capital market through the issuance of Rated, Privately Placed, Unsecured and Subordinated, Tier II Term Finance Certificates (“TFC Issue” or the “Issue”).

Mohsin Tayebaly & Co. (MTC) was appointed as the transaction legal counsel and Pak Oman Investment Company Limited (POIC) was acting as the Investment Agent to the Issue.

As one of the leading microfinance banks in Pakistan, NRSP MFB has a strong social objective to provide quality financial services and access to finance to marginalized clients such as small farmers and micro entrepreneurs.

Khurshid Zafar, Chief Operating Officer, Askari Bank Limited stated “We are pleased to be a partner in the arrangement of NRSP MF Bank Tier II capital of Rs 770 million which will strengthen the capital base of NRSP MF Bank and correspondingly enhance their capacity to further facilitate the farmers and micro entrepreneurs.”

Basir Shamsie, President & CEO, JS Bank, stated, “JS Bank is committed to partnering with financial institutions to drive economic prosperity and financial inclusion amongst the people of Pakistan. JS Bank has been at the forefront of providing support to the microfinance sector of Pakistan, thereby promoting financial inclusion of the rural and agriculture communities.”

Zahoor Hussain Khan, CEO, NRSP Microfinance Bank, stated, “NRSP Microfinance Bank has grown from a small player to one of the largest in the micro-finance industry and our association with Askari Bank and JS Bank has been monumental in contributing towards its prosperity. With its specialized structured products that are in alignment with our needs and goals, Askari Bank & JS Bank have been crucial partners in helping us through financial inclusion.”—PR

Copyright Business Recorder, 2021