Soneri Bank is going to raise Rs. 4 billion Additional Tier 1 Capital, as redeemable capital, for meeting Basel III guidelines of the State Bank of Pakistan (SBP).
The bank’s board of directors have given approval to raise their Additional Tier 1 Capital as redeemable capital in the form of unsecured, subordinated, rated, listed perpetual and non-cumulative Term Finance Certificates (“TFCs”). The capital will be raised up to the extent of a face value of Rs. 4 billion, inclusive of a Green Shoe Option of Rs. 1 billion.
Soneri Bank Limited provides various banking products and services in Pakistan. It operates through Corporate Finance, Trading and Sales, and Retail Banking segments. The company offers current, savings, pensioners, and business accounts, as well as term deposits.
Soneri Bank shares were trading at Rs. 12.39, up Rs. 0.03 (+0.23 percent) with a turnover of 54500 shares.