The sponsors of Crescent Standard Investment Bank Limited (CSIBL) have assured its customers that as controlling shareholders they continue to stand behind the bank.
The sponsors have maintained that the assets of CSIBL are sufficient to meet all its liabilities, however, to provide additional comfort to the stakeholders, Rs 2 billion in liquidity are being arranged through a combination of right issues and secured standby lines of credit from financial institutions.
A consolidation plan, which had been under active consideration, has now been accelerated to provide capital strength. Under this plan all non-banking financial institutions controlled by the sponsors are to be combined into the entity, which will have a capitalisation of Rs 2.5 billion to Rs 3 billion.
Members of the family are closely managing the affairs of CSIBL directly. A.F. Ferguson & Co has been appointed as advisors. Since January, Ford Rhodes Sidat Haider are performing the function of internal auditors.
The advisors and management of CSIBL are in constant and close dialogue with their regulator ie Securities & Exchange Commission of Pakistan (SECP) and are taking action and decisions in consultation with them.
CSIBL wishes to assure its customers that it continues to offer them the same level of service as it has in the past.-PR
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