January 3, 2019 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the ‘debt instrument’ rating of Askari Bank Limited (AKBL) at ‘AA-‘ with a ‘stable’ outlook forecast.
According to a press release issued by PACRA on the matter, the rating reflects relative positioning of the Bank, driven by AKBL's strong ownership structure whereby Fauji Foundation Group – an established business conglomerate with strong financial muscle – holds majority stake.
The document further adds that the management is eyeing CPEC as an opportunity to capitalize and build its business through its dedicated China Desk and Representative Office in China.
“This would be supported by extending outreach and on-going focus on generating non-funded income and mobilizing low-cost deposits,” elaborates the agency.
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