KARACHI: United Bank Limited (UBL) has successfully subscribed to a secured, unlisted Privately Placed Term Finance Certificate (PPTFC) of PKR 2.5 Billion issued by Pakistan Mortgage Refinance Company Limited (PMRCL) for a tenor of 3 years. Mohsin Tayebaly & Co. acted as the transaction legal counsel. The subscription will contribute in building the housing and construction loan portfolios, as part of the strategy by Government of Pakistan and State Bank of Pakistan for extending mortgage loans and financing to developers and builders.
The facility is aimed at improving the quality of living conditions for the people of Pakistan through construction of affordable housing. Its linkage to dozens of allied industries, offers substantial potential for boosting economic activities in the country. The facility has been successfully disbursed and the proceeds will be used for mortgage refinance.
A signing ceremony in this regard, was recently held at UBL Head Office, Karachi. UBL was represented by Mr. Shazad G Dada, President & CEO, Mr. Farooq A. Khan, Group Head – Corporate, Investment Banking & Financial Institutions, Muhammad Tayyab Khurshid, Unit Head Financial Institutions and other senior executives of the Bank. From PMRCL, Mr. Muddasir H. Khan, CEO, Mr. Farrukh Zaheer, Head of Treasury & FIs, Mr. Muhammad Shahzad Khan, Head of Business along with other senior team members, attended the ceremony.