ISLAMABAD: U Microfinance Bank Limited has announced the successful closure of its Fully Paid up, Rated, Privately Placed / DSLR Listed, Unsecured, Subordinated, Perpetual and Non-Cumulative Debt Instrument Additional Tier 1 Capital TFCs of PKR 1,000,000,000. These TFCs will contribute towards U Bank’s Tier-1 capital for Capital Adequacy Ratio (“CAR”) purposes and for the Bank’s on-going business operations to maintain its growth momentum while complying with the requirements of SBP. In an Industry first, U Bank has successfully acted as the sole arranger of this instrument. This is a momentous milestone for the Microfinance industry, as for the very first time, a Microfinance Bank has acted as a sole arranger of any instrument issued in the history of Pakistan. Speaking on this fine achievement, President and CEO of U Bank Kabeer Naqvi said “U Bank has always strived to scale to new heights not only for itself but also as a service to the microfinance industry. This achievement is a result of sheer hard work, dedication and commitment from team U Bank and is a testament of the potential this sector is capable of achieving. Staff Reporter
