United Bank Limited (UBL) has successfully subscribed to a secured and unlisted Privately Placed Term Finance Certificate (PPTFC) of Rs. 2.5 billion issued by Pakistan Mortgage Refinance Company Limited (PMRCL) for a tenure of three years, and included Mohsin Tayebaly & Co. as the transaction legal counsel.
The subscription will contribute to building the housing and construction loan portfolios as part of the strategy by the Government of Pakistan and the State Bank of Pakistan for the extension of mortgage loans and financing to developers and builders.
The facility is aimed at improving the quality of the living conditions of the people of Pakistan through the construction of affordable housing. Its linkage to dozens of allied industries offers a substantial potential for the boosting of economic activities in the country.
The facility has been successfully disbursed, and the proceeds will be used for mortgage refinance.
A signing ceremony was recently held in this regard at the UBL Head Office, Karachi. UBL was represented by Shazad G. Dada, President & CEO, Farooq A. Khan, Group Head – Corporate, Investment Banking & Financial Institutions, Muhammad Tayyab Khurshid, Unit Head Financial Institutions, and other senior UBL executives.
From PMRCL, CEO Muddasir H. Khan, Head of Treasury & FIs Farrukh Zaheer, Head of Business Muhammad Shahzad Khan, and other senior team members attended the ceremony.