Atlas Bank Limited on Saturday announced the successful completion of its equity arrangement with Deutsche Investitions of Germany (DEG), says a press release. It said that as part of the agreement, DEG, a member of the world renowned Germany's KfW Bankengruppe remitted Rs 1.836 billion resulting in the completion of the equity participation.
The amount includes a premium of Rs 591.54 million. The following DEG's participation and the recent right issue, Atlas Bank's paid up capital will increase to Rs 5 billion by December 31, 2007 as against the State Bank of Pakistan's requirement of its 4 billion, it reported.
It also said that the bank has effectively met the minimum capital requirement of Rs 5 billion for 2008. DEG will further add value through their director on the board having rich experience in banking and finance.
"DEG signed the agreement with Atlas Bank on August 30, 2007 taking a stake of 24.9 per cent in the total capital. The accord will allow Atlas Bank to expand its operations across all customer segments", it added.-PR
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