Al-Zamin Leasing Modaraba and Al-Zamin Leasing Corporation are merging into Invest Capital Investment (ICI) Bank Limited to create a larger entity. According to a press release issued here on Thursday, the shareholders of all the three entities unanimously approved the scheme of arrangement and the merger plans last week.
The proposed amalgamation would lead to an increased asset base of about Rs 7,571 million and the equity of about Rs 1,341 million. The larger size of the equity would provide greater comfort to the existing and potential creditors. Access to larger resources would, in turn, improve growth prospects and ability to undertake further business to a substantial size and better returns.
The merged entity will function as a comprehensive NBFC with diverse lines of business, which would include equity and debt brokering, foreign exchange trading, corporate finance, advisory services, leasing, project financing and related activities. It will also have a full range of Shariah compliant Islamic products, which will be conducted with the experience gained by Al-Zamin over the last many years.
Chief Executive of Al-Zamin Leasing Modaraba Basheer A Chowdry explained the synergies, existing amongst three companies, including the professional management, and a track record of successful operations over the last many years.
He was of the view that the proposed merger was an ideal combination of the individual strengths and professional calibre of all the three entities. He said that the merged entity with the trading name of Al-Zamin Invest Bank would consolidate the operating strengths of all the merging entities and embark upon launching innovative and progressive products to achieve multiple streams of income and a well-diversified asset portfolio.
The merger would also result in reduction of administrative costs and ensure cross selling of the products by the different operating divisions of the entity. The merged entity will have Nusrat Yar Ahmad as Chief Executive, who carries valuable experience and image in the market place. The board would include senior bankers like Zafar Iqbal, Saeed Chaudhry and Basheer A. Chowdry and provide full support to the management.-PR