IFC pumps Rs6.6b equity into Bank Alfalah | Pakistan Today

IFC pumps Rs6.6b equity into Bank Alfalah

The Bank Alfalah Limited (BAFL) has received an equity investment of Rs 6.66 billion from the International Finance Corporation (IFC).

The fresh liquidity pumped in, the banking analysts believe, would reflect positively on the BAFL’s Capital Adequacy Ratio (CAR) and would mostly likely be used for expansion of its global operations, they viewed.

The IFC, earlier this year, had showed keenness to invest in the bank and in May the corporation successfully got a non-objection certificate from the State Bank to carry out the evaluation of BAFL before its plan of equity injection.

Finally, in September the two sides signed an agreement on IFC’s proposed $67 million investment in Bank Alfalah by subscribing 15 percent equity investment in the bank to help it to increase access to finance in Pakistan.

The bank, in a communication it sent Tuesday, told the front regulators in Karachi Stock Exchange that it had received a subscription amount worth Rs 6.66 billion from the IFC as an equity investment.

“The bank will inform later, in due course, regarding issuance/credit of the shares into IFC’s CDC account in lieu of aforesaid equity investment and increase in the paid-up capital of the bank,” it said.

The auditors certificates regarding receipt of subscription money and increase in paid-up capital of the bank and payment of additional listing fee as per regulations of the KSE would also be submitted later, it said.

IFC has already a working relationship with BAFL and it helped the bank in development of “Alfalah SME toolkit”, a free of charge online portal aimed to help SMEs through implementation of business practices based on information, communication and technology.

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