Askari Bank To Raise Rs. 6 billion By TFC

Askari Bank Limited has opted to raise an amount of Rs. 6 billion through the issuance of Tier 1 Term Finance Certificates (TFCs) as part of the central bank requirement of the capital.

Previously, Bank Alfalah, Silk Bank and Soneri Bank also announced to raise funds of various values through issuance of TFC for the same purpose of strengthening their capital health and financial needs.

Meezan Bank will issue a Sukuk for this purpose which is alternative of TFC for Islamic Banking Industry.

The bank will further convert the TFCs into ordinary shares of 280 million shares as approved by the shareholders in the recent meeting. However, the bank needs to get approval from the banking regulator with the completion of all formalities, rules and regulations.

Recently, Askari Bank Limited appointed Saleem Anwar as acting President and CEO of the bank, replacing Syed. M Hussaini at the helm.

The bank closed the outgoing year without showing any growth in the profit that stood at Rs. 4.2 billion. The zero growth on the balance sheet was better than the negative growth which a majority of the banks recorded in 2017.

The bank has enhanced its focus on the banking industry as it sold out its subsidiary Askari Asset Management Company to Pak Oman Asset Management Company at Rs. 551 million last year.



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