Samba Bank receives Rs 5 billion against the issue of TFCs

MG News | March 03, 2021 at 02:11 PM GMT+05:00

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March 3, 2021 (MLN): Samba Bank has received Rs 5 billion in its designated account for receipt of proceeds against the issue of Rated, Privately Placed, Unsecured, and Subordinated Term Finance Certificates (TFCs).

On November 13, 2020, the State Bank of Pakistan (SBP) had granted its final approval to the Bank for the issuance of TFCs of PKR 5,000 million.

As per the Bank’s notice to PSX, the fund raised via the TFC will be utilized in business operations as permitted by the 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, subject to terms and conditions prescribed in SBP's final approval.

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