Mobilink Microfinance Bank Ltd (MMBL) and its agent bank for the transaction, JS Bank Ltd, as well as syndicate members, inked an agreement on the microlender’s Tier-II capital raise of Rs2 billion using privately placed term finance certificates (TFCs).
Members of the syndicate include Allied Bank Ltd, Bank Alfalah Ltd, Habib Bank Ltd, National Bank of Pakistan Ltd, United Bank Ltd, MCB Bank Ltd, Askari Bank Ltd, Pak Kuwait Investment Company Ltd, and Pak Oman Investment Company Ltd, according to a news release issued on Thursday.
Mobilink Microfinance Bank is a subsidiary of VEON, a worldwide digital operator that delivers integrated connectivity and online services in seven nations.
The collaboration between Mobilink Microfinance Bank and JS Bank for the Rs2 billion TFCs illustrates the syndicate members’ ongoing faith in Pakistan’s microfinance sector, according to the CEO of the microlender, Ghazanfar Azzam.
According to the press release, Tier-II Capital will boost the bank’s capital basis for meeting capital adequacy ratio standards and growing its ongoing business activities.