Silkbank concludes Rs2bln TFC issue

KARACHI: Silk Bank has notified to the bourse that its Term Finance Certificate (TFC) issue of Rs2 billion has been successfully concluded.

The bank has received Rs2 billion in its subscription account designated for receipt of proceeds against the issue, while the Term Finance Certificate units have been credited in the respective Central Depository Company (CDC) accounts of the investors.

The Term Finance Certificate 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 (SBP) under its Basel-III framework, and the funds so raised will be utilised towards the bank's business operations.