Prime Bank's Board of Directors during its meeting here on Friday has approved a right issue of Rs 900 million at a premium of Rs 5 per share for the current financial year.
According to a Prime Bank spokesman, the Right Issue would increase the existing paid up capital of the Bank to over Rs 2 billion and would place it on very sound footing in terms of its capitalisation.
This increase would put the Bank well ahead of the State Bank of Pakistan's requirement for paid up capital of all commercial banks to be Rs 2 billion by December 2005. Moreover, the Board also approved issuance of Term Finance Certificates (TFCs) of Rs 800 million as a part of Tier II Capital.
He said the Bank would now be more aggressively preparing itself to further expand its branch network, launch new products and services, rapidly upgrade technology platform to cater for electronic banking and e-commerce services. The Bank would also be in a position to enter in to the rapidly growing asset management business and further strengthen its core services in support of the promising commercial middle market, small and middle enterprises, agriculture and housing sectors.
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