JS Bank – one of Pakistan’s fastest growing banks – recently inked an accord with Mobilink Microfinance Bank Limited (MMBL) to raise MMBL’s Tier-II Capital of Rs 2,000,000,000 in the form of Privately Placed/DSLR Listed Term Finance Certificates.
According to the details, JS Bank is MMBL’s agent bank for the transaction. Pertinent to mention that MMBL is Pakistan’s largest digital bank.
Other syndicate members that were also part of the landmark agreement included Allied Bank Ltd, Bank Alfalah, Habib Bank Ltd, National Bank of Pakistan, United Bank Ltd, MCB Bank Ltd, Askari Bank Ltd, Pak Kuwait Investment Company, and Pak Oman Investment Company.
Read more: JS Bank teams up with EXIM, CRCC to increase Pakistan’s green export capacity
The signing ceremony was attended by Ghazanfar Azzam – President & CEO MMBL, Basir Shamsie – President and CEO JS Bank, Sardar Mohammad Abubakr – Chief Finance and Digital Officer MMBL, alongside senior officials from syndicate members.
Commenting on the partnership, Basir Shamsie – President & CEO of JS Bank said: “The successful closure of the transaction is indicative of the trust reposed in us by the market and our partners. We look forward to a mutually beneficial partnership with MMBL, and will continue to play an active role in bolstering financial inclusion in Pakistan.”
Meanwhile, Ghazanfar Azzam, President & CEO MMBL stated that the collaboration between MMBL and JS Bank for raising PKR 2 billion in TFCs reflects the bank’s solid footing in the digital banking landscape while demonstrating the unwavering confidence of the syndicate members and our customers in Pakistan’s microfinance sector.
Read more: JS Bank gets green signal to acquire 7.7% stake in BankIslami
“The strategic alliance will enable MMBL to broaden the range of financial instruments and explore new avenues to offer innovative digital and financial solutions to SMEs and women entrepreneurs- our key focal areas,” CEO MMBL further added.
Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.