BOP shareholders approve Rs30bn equity injection by Punjab govt
LAHORE: Shareholders of The Bank of Punjab (“BOP” or “the Bank”), at an Extraordinary General Meeting held on Tuesday, unanimously approved the proposed equity injection of up to Rs 30 billion by the Government of the Punjab (“GoPb”) through the issuance of ordinary shares, otherwise than by way of a rights issue. The President and CEO, Zafar Masud, addressed the questions raised by shareholders,…
The shareholders of The Bank of Punjab (BOP) have unanimously approved a proposed equity injection of up to Rs 30 billion by the Government of the Punjab (GoPb) through the issuance of ordinary shares, without a rights issue. BOP is currently the lowest-capitalised bank among Pakistan’s ten largest banks, with Tier-1 capital of Rs 99.9 billion against total assets of Rs 2,952 billion.
The additional equity will enable BOP to mobilise and deploy a larger deposit base safely and productively across its various banking businesses, as well as its proposed overseas wholesale banking unit. The move also strengthens BOP's ability to compete with larger banks, particularly in mobilising low-cost deposits.
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