Mobilink’s bank raises Rs2bn
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.