By virtue to this right issue, the paid up capital of the bank will increase from Rs 2.565 billion to Rs 3.847 billion. The fresh injection of capital will not only enable the bank to meet minimum capital requirement (MCR) for December 2006, as stipulated by State Bank of Pakistan one year in advance, but will also allow the bank to achieve its stated growth plans.
After the induction of a new professional management team, earlier, this year, the bank has drawn a focused growth strategy for the next five years.
Chairman of the Bank, Muhammad Rashid Zahir, said that the sponsors were fully committed to meet all the capital requirements of the bank whether regulatory or otherwise.
He said that the bank had been re-launched and has well defined plans for the future. "We have plans to be a significant player in the market," he added.
Bank President Mansoor Khan said that this decision of the sponsors showed the confidence that they have in the management of the bank and its plans. The increased capital will provide leverage to the bank to carry out its strategy and will further increase the confidence of its present and prospective customers. "The bank is all set to launch itself in the league of significant players in the market," he said.