Bank Makramah accelerates recapitalisation with fresh capital, asset sale

KARACHI: Bank Makramah Limited (BML) is making significant strides in its recapitalisation efforts, reinforcing its commitment to long-term financial stability and growth.

This progress is supported by a recent Rs5 billion deposit from the BML’s esteemed sponsor, Nasser Abdulla Hussain Lootah, said the bank in a statement.

This amount – to be recorded as an advance against share subscription pending regulatory approvals – follows his earlier Rs10 billion capital injection in 2023.

In addition, the proposed merger of Global Haly Development Limited – a company owned by the sponsor – into BML reflects his substantial commitment, which will total Rs41 billion.

Bank Makramah also extended its deepest gratitude to the sponsor for his unwavering support and vision for BML and Pakistan’s banking sector.

In a concurrent strategic move, BML’s Board of Directors has approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of Rs12 billion. This landmark transaction represents a major step, which will result in significant liquidity and capital gains for the Bank.

Further bolstering its financial position, the bank is in the final stage of recovering over Rs13 billion of its legacy non-performing loans in the near future resulting in a strong impact on its profitability and capital base.

All of the above initiatives are projected to increase BML’s net assets by around Rs50 billion. This shall further strengthen the Bank’s commitment to better serve its customers and play a significant role in the financial sector of Pakistan.

Bank Makramah is a leading financial institution in Pakistan, known for its commitment to providing exceptional banking services to its customers.

With a focus on innovation and customer-centric solutions, Bank Makramah continues to set new benchmarks in the industry, ensuring that their customers enjoy secure, reliable, and personalized banking experiences.