Samba Bank issues additional Tier 2 Capital Term Finance Certificates of up to Rs.5 bln

MG News | November 13, 2020 at 12:45 PM GMT+05:00

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November 13, 2020 (MLN): Samba Bank Limited, via notification to PSX has infored that its Board of Directors have approved the issuance of Additional Tier 2 Capital Term Finance Certificates of up to PKR 5,000 million.

The bank approved issuance of the TFC as an instrument of redeemable capital under Section 66(1) of the Companies Act, 2017 and as outlined by the State Bank of Pakistan ("SBP") under BRPD Circular No.6 dated August 15, 2013 (as amended from time to time) read with all relevant rules, regulations, circulars and approvals of SBP subject to completion of all necessary formalities and obtaining of all requisite approvals.

The fund so raised via the TFC will be utilized in business operations as permitted by Memorandum & Articles of Association of the Bank. The TFC will contribute towards the Bank's Tier 2 Capital for complying with the Capital Adequacy Ratio requirements prescribed by SBP, the notifcaton revelaed.

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