KARACHI: The Habib Bank Limited (HBL) to invest Rs4 billion in the First MicroFinanceBank Ltd. (FMFB) over the next three years, according to a statement issued on Monday.
The board of directors (BOD) of HBL approved at the Annual General Meeting (AGM) authorized investment in the FMFB of up to Rs4 billion over the next three years to help FMFB to maintain a stronger capital base and provide sufficient headroom in its capital adequacy ratio (CAR) for ongoing business expansion and growth plans. However, to the investment is subject to the approval of the State Bank of Pakistan (SBP).
The AGM also approved payment of final cash dividend of Rs3 per share i.e. 30 percent for the year ended December 31.2020, as recommended by the BOD to shareholders as at close of business on March 19, 2021, which is in addition to the 12.5 percent interim cash dividend i.e. Rs1.25 per share already paid.