KARACHI: HABIBMETRO Bank has subscribed to a secured, unlisted and redeemable Privately Placed Term Finance Certificate (PPTFC) of Rs 1.5 billion issued by Pakistan Mortgage Refinance Company Limited (PMRCL) for a tenure of five years, with Mohsin Tayebaly & Co serving as the transaction legal counsel.

This initiative will contribute to the Government of Pakistan and State Bank of Pakistan's vision and efforts for promoting the housing and construction sector in Pakistan aimed at stimulating economic growth.

A signing ceremony was held at HABIBMETRO Head Office, Karachi. HABIBMETRO President & CEO, Mohsin Ali Nathani, Group Executive - Corporate and Transaction Banking, Khurram Shahzad Khan, Head Investment Banking, Hafiz Faraz Ali, Head Financial Institutions, Sehba Mansoor, and other senior executives were present at this ceremony.

PMRCL CEO/MD Muddasir H Khan, Head of Treasury & FI's Farrukh Zaheer, Head of Business, Muhammad Shahzad Khan, and other senior team members also attended the ceremony.

Commenting on this new partnership, HABIBMETRO Group Executive - Corporate and Transaction Banking, Khurram Shahzad Khan said, "We are excited to collaborate with Pakistan Mortgage Refinance Company. This mutually beneficial partnership will promote the initiatives of the Government & the SBP whereby they are endeavouring to drive economic growth by creating demand and generating activity within the construction/housing sector."

PMRCL, Head of Treasury & FI's, Farrukh Zaheer said, "We are pleased to partner with HABIBMETRO Bank for a secured privately placed Term Finance Certificate. We are delighted as this facility will further contribute towards the housing finance market and is aimed at improving accessibility and affordability for the end borrowers."

Copyright Business Recorder, 2021