AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Follow us

ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), and its agent bank for the transaction, JS Bank Limited (JS Bank), one of Pakistan’s fastest-growing financial institutions, along with syndicate members, signed an agreement with respect to raise MMBL’s Tier-II Capital of Rs 2,000,000,000 in the form of Privately Placed/DSLR Listed Term Finance Certificates.

The syndicate members included Allied Bank Ltd, Bank Alfalah, Habib Bank Ltd, National Bank of Pakistan, United Bank Ltd, MCB Bank Ltd, Askari Bank Ltd, Pak Kuwait Investment Company, and Pak Oman Investment Company.

Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.

The signing ceremony was attended by Ghazanfar Azzam - President & CEO MMBL, Basir Shamsie - President and CEO JS Bank, Sardar Mohammad Abubakr - Chief Finance and Digital Officer MMBL, alongside senior officials from syndicate members.

Sharing his thoughts, Ghazanfar Azzam, President & CEO MMBL stated that the collaboration between MMBL and JS Bank for raising PKR 2 billion in TFCs reflects the bank’s solid footing in the digital banking landscape while demonstrating the unwavering confidence of the syndicate members and our customers in Pakistan’s microfinance sector. The strategic alliance will enable MMBL to broaden the range of financial instruments and explore new avenues to offer innovative digital and financial solutions to SMEs and women entrepreneurs- our key focal areas.

Commenting on the partnership, Basir Shamsie - President & CEO of JS Bank said: “The successful closure of the transaction is indicative of the trust reposed in us by the market and our partners. We look forward to a mutually beneficial partnership with MMBL, and will continue to play an active role in bolstering financial inclusion in Pakistan.”

Also speaking on the occasion, Sardar Mohammad Abubakr, Chief Finance and Digital Officer MMBL expressed: “The raise of Tier-II Capital is set to play a prominent role in the coming years as MMBL strengthens its capital base, primarily for complying with the Capital Adequacy Ratio (CAR) requirements and for expanding its ongoing business operations in uplifting untapped segments and marginalized communities especially SMEs and Women Entrepreneurs. The funding raised through JS Bank and syndicate members further strengthens the investor’s confidence in the digital and financial ecosystem of Pakistan for sustainable development.”

Copyright Business Recorder, 2022

Comments

Comments are closed.

Tier-II Capital Term Finance Certificates: MMBL, JS Bank, syndicate members ink accord

At least five injured in explosion near Quetta Police Lines

Pakistan expresses unflinching support for Kashmiris on Solidarity Day

Foreign authorities seeking properties/bank accounts info: FBR won’t intimate concerned taxpayer about request

Maryam says PTI chief Imran should be thrown out of politics

Qatar sends envoy to Afghan capital to meet with Taliban

UK's shortest-serving PM Liz Truss blames economic 'orthodoxy' for downfall

Saudi non-oil private sector activity jumps in January on higher output, orders

India to ban Chinese-linked betting and loan lending apps

China's oil demand bounce may push producers to reconsider output: IEA

WB board to consider $78m ‘digital economy’ project next month