SBP gives approval to Silkbank for issuance of TFCs of PKR 2 billion to help meet CAR

In a notice sent to the PSX, Silkbank announced that the State Bank of Pakistan has granted final approval to the Bank for issuance of Rated, Privately placed, Unsecured and Subordinated Term Finance Certificates (TFCs) of PKR 2 billion (inclusive of Green Shoe Option of up to PKR 500 million) subject to the compliance with relevant laws, rules and regulations.

The TFC Issue will contribute towards the Silkbank's Tier II Capital for complying with the Capital Adequacy Ratio (“CAR”) requirement prescribed by the State Bank of Pakistan under it Basel III framework and the funds so raised will be utilized towards the Bank's business operations.