AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)
Business & Finance

Samba Bank to float Rs5bn TFC to spread operations

  • It is pertinent to mention that Samba Bank is part of the Saudi Financial Group (SFG) that is based in the Kingdom of Saudi Arabia, and has some 40 branches operating in the major cities of Pakistan.
Published November 14, 2020

The Board of Directors (BoD) of Samba Bank will float Rs5 billion Term Finance Certificate (TFC), the funds will be used to expand the bank’s business operations in Pakistan.

In a filing to the bourse, the Samba Bank said: “We wish to inform you that, the Board of Directors of Samba Bank Limited ("Bank") have approved the issuance of Additional Tier 2 Capital Term Finance Certificates of up to PKR 5,000 million (the "TFC" or "TFC Issue") as an instrument of redeemable capital under Section 66(1) of the Companies Act, 2017 and as outlined by the State Bank of Pakistan ("SBP") under BRPD Circular No.6 dated August 15, 2013 (as amended from time to time) read with all relevant rules, regulations, circulars, and approvals of SBP subject to completion of all necessary formalities and obtaining of all requisite approvals.

“The fund so raised via the TFC will be utilized in business operations as permitted by Memorandum & Articles of Association of the Bank. The TFC will contribute towards the Bank's Tier 2 Capital for complying with the Capital Adequacy Ratio requirements prescribed by SBP,” it added.

It is pertinent to mention that Samba Bank is part of the Saudi Financial Group (SFG) that is based in the Kingdom of Saudi Arabia and has some 40 branches operating in the major cities of Pakistan.

Comments

Comments are closed.