KARACHI: Mobilink Microfinance Bank Ltd (MMBL) and its agent bank for the transaction, JS Bank Ltd, along with syndicate members signed an agreement with respect to the raising of the micro-lender’s Tier-II capital of Rs2 billion in the form of privately placed term finance certificates (TFCs).

According to a press release on Thursday, the syndicate members 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.

Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services in seven countries.

The collaboration bet­ween Mobilink Micro­finance Bank and JS Bank for the Rs2bn TFCs demonstrates the unwavering confidence of the syndicate members in Pakistan’s microfinance sector, said Ghazanfar Azzam, CEO of the micro-lender.

Tier-II Capital will strengthen the bank’s capital base for complying with the capital adequacy ratio requirements and expanding its ongoing business operations, the press release said.

Published in Dawn, November 25th, 2022