IGI Investment Bank’s Corporate Finance Department structured, advised and successfully executed the substantial acquisition of Dawood Lawrencepur Limited (DLL). This resulted in 49% holding of DLL by Dawood Corporation respectively. This was the first time the Bank was appointed as Manager to the Offer for an acquisition engagement. The Public announcement was published in the newspaper on May 24, 2008, providing an opportunity for IGI Investment Bank to be highlighted as an active participant in the Pakistani financial markets.
In a similar transaction, the Corporate Finance department also advised and structured the substantial acquisition of 49.5% of Central Insurance Company Limited (CICL) by Dawood Corporation. The Newspaper announcement can be viewed in the Business Recorder on June 7, 2008. This was a challenging transaction as various legal issues along with SECP and Insurance ordinances came into affect. The totall transaction size for both the Dawood Corporation acquisitions was approximately PKR 3.5 Billion.
IGI Investment Bank’s Corporate Finance Department arranges and advises on Debt and Equity issues, including Private Placements and Public Listings. It also performs underwriting of Equity and Debt Issues, Lease and Debt Syndications, Corporate Restructurings, Mergers and Acquisitions and Divestitures.
Established in 1990, IGI Investment Bank provides a range of specialized services as corporate finance, cash & treasury management, commercial financing & leasing and mutual funds advisory to meet the financial needs of investors. akistan Credit Rating Agency has awarded IGI Investment Bank a long term credit rating of ‘A’ and a short term credit rating of ‘A1’. For more information, please log on to www.igiinvestmentbank.com.pk or call 0800-2-34-34
IGI Investment Bank has announced revised profit rates for its ‘Step Up Savings Plan.’ ‘Step Up’-a Certificate of Deposit product allows customers to deposit their cash for the duration of their choice whilst receiving a fixed profit rate on their investment. The improved Plan will offer depositors an opportunity to invest cash for as little as one month at an annual rate of 8.50% and an annualized rate of up to 13% on a deposit of 3 years, making it one of the most competitive deposit schemes around.
With the Step Up Savings Plan, investors can deposit their cash for durations of 1, 2, 3, 4 or 6 months and 1, 1.5, 2 or 3 years depending on their liquidity requirements. Profits vary according to the duration of deposit and the profit payment frequency required by the investor; monthly, quarterly, semi-annually or annually. The maximum profit that can be availed is 13% for investors depositing their cash for a period of only 3 years and receiving their profit at maturity.
Raeda Latif, Head of Marketing-IGI Financial Services said, ‘The Step Up Savings Plan is ideal for customers who want to deposit their money for a fixed period with the security of a known return while receiving the most competitive profit rates.” IGI Investment Bank is unique in offering such a deposit scheme which provides profit rates of up 13%.
IGI Investment Bank Limited provides a range of specialized services designed to meet the financial needs of investors. Established in 1990, IGI Investment Bank provides services as corporate finance, cash & treasury management, commercial financing & leasing and mutual funds advisory. Pakistan Credit Rating Agency has awarded IGI Investment Bank a long term credit rating of ‘A’ and a short term credit rating of ‘A1’. For more information, please log on to www.igiinvestmentbank.com.pk or call 0800-2-34-34
Note: Rates as of Dec 01, 2007. Please click here for new rates.
IGI Investment Bank-Corporate Marketing Department participated in the International Plastic & Packaging Industry Exhibition from 13-16 May 2008 at the Karachi Expo Center.
As the only financial institution at the event, IGI Investment Bank had an opportunity to network with key players in the plastic & packaging industry from a unique platform. The Corporate Marketing team was present at their stall to promote the leasing and lending facilities offered by the Bank.
Due to the current increase in local and international demand, the plastic and packaging sector is another booming sector in Pakistan and is contributing directly to the growth, development and exports of the country. More than 200 leading names from the world’s plastic, printing, packaging and food industries also participated at the exhibition with representation of 20 countries from all across the globe. The exhibition was also given extensive media coverage by over 13 media channels and 15 representatives from print.
IGI Investment Bank Ltd is one of the leading investment banks in Pakistan. It was established in 1990 and carries a long-term PACRA credit rating of ‘A’ and short-term credit rating of ‘A1’ with a listing on the Karachi and Lahore Stock Exchanges. For more information please log on to www.igiinvestmentbank.com.pk or call 0800-2-34-34.
IGI Investment Bank- Promoting the Arts in Pakistan
In association with the British Council & Shakespeare Association of Pakistan, IGI Investment Bank sponsored an ‘Evening with Zia Mohyeddin’ for literary enthusiasts on March 18, 2008. Mr. Zia Mohyeddin, a renowned TV personality was the chief guest at the occasion where he gave a presentation on Shakespeare and how the author has significantly transformed the English language. “The author introduced a new word in every third sentence he wrote & also introduced many of the clichés we are used to hearing nowadays such as ‘in the heart of hearts’ & ‘ wild goose chase,” said Zia who has been fond of Shakespeare from a very young age.
Zia intrigued the audience throughout the evening by questioning whether Shakespeare was even an Englishman or more of a universal author and then engaged them further with his theatrical renditions from scenes of Hamlet, Lear and Julius Ceasar. “I take Shakespeare personally, and I have shared an attachment with him since I was a young lad,” he said. The evening was also filled with sonnets recited by Ms. Ailia Rizvi with beautfiul urdu translation provided by Dr. Ifthikar Alvi and songs by Ms. Khulood Mazhar.
IGI Investment Bank had the opportunity to interact with over a 100 guests; the event was well attended by CEO’s, educationists, and students all who shared a passion for Shakespeare.
The Shakespeare Association of Pakistan hosts several events throughout the year to promote a literary movement in Pakistan & is a registered, non-profit literary society affiliated with the International Shakespeare Association in the United Kingdom. In the past, the association has provided support to schools, has arranged conferences and has provided translation of Shakespeare in urdu and other Pakistani languages for various events.
IGI
Investment Bank at the 2nd South Asian Capital
Markets Conference
IGI Investment Bank is participating
in the 2nd South Asian Capital Markets Conference
2008 organized by the South Asian Federation of Exchanges
held in Dhaka – Bangladesh. Business delegates from
all over Pakistan, India, Bangladesh, Sri lanka and Mauritius,
will be present at the conference including executives representing
the South Asian Stock exchanges, securities regulators, clearing
companies, securities depositories, prominent commodity exchanges,
stock brokers, fund managers and other securities market professionals.
The conference has been organized with the objective of establishing
common standards and practices in business accounting in the
securities market’s; encouraging co-operation among
the member countries so as to promote development in their
respective securities markets; and to encourage cross-border
listing and trade by adequate and fair representation of members
in international forums.
Mr. Aftab Chaudhry, Secretary General & Managing Director
SAFE / CEO Islamabad Stock Exchange Ltd will be giving the
opening address for the conference which will last for 2 days
till Friday February 01, 2008. The conference will host presentations
and panel discussions on pertinent topics such as Regional
regulatory Models for South Asian Markets; Integration of
Regional Markets and Cross-border trade; Modern Trading Products
and Technological solutions; Brokerage Industry; Facilitating
Agents for Cross-Border Trade; Investing in the South Asia
Region and The Role of Central Bankers in the Integration
of Regional Markets.
Mr. Samir Ahmed, CEO of IGI Investment Bank and Mr. Syed
Javed Hassan, Executive Director of IGI Investment Bank will
be present at the conference. Mr. Samir Ahmed will speak on
“Exploring avenues of cooperation amongst the Regional
Brokerages” while Mr. Javed Hassan will participate
in a panel discussion regarding “Scope for Private Equity
in the South Asia Region”.
The initiative for providing a platform to a wide range of
capital market players under the title of “South Asian
Capital Markets Conference” was taken from the SAFE
conference held in 2006 in Columbo, Sri Lanka. IGI Investment
Bank being a Gold Sponsor of the 2nd South Asian Markets Conference
2008 believes in promoting alliances for ‘regional co-operation’.
IGI Investment Bank Ltd, a packages group company is one
of the leading investment banks in Pakistan. Established in
1990, it carries a long-term PACRA credit rating of ‘A’
and short-term credit rating of ‘A1’ with a listing
on the Karachi and Lahore Stock Exchanges.
IGI Investment
Bank as the lead Advisor and Arranger of PEL Commercial Paper
issue
Tuesday, January 29, 2008: IGI Investment
Bank Limited (IGIBL) hosted a ceremony in capacity of Mandated
Lead Advisor & Arranger to conclude the Commercial Paper
issue of PKR 500 million (the Transaction) by Pak Elektron Limited
(PEL). Pak Iran Joint Investment Company Limited and Mandviwalla
& Zafar respectively acted as Joint Arranger and Legal Counsel
to the Transaction.
The occasion was attended by the officials of PEL and Investment
Participants (IPs) and the investor notes were presented to
the IPs.
Syed Mohammed Ali Raza, Head of Corporate Finance for IGIBL,
added on the occasion that the successful close of the issue
was a key achievement for both PEL and IGIBL as the issue
was the most competitive debt raised by PEL so far. IGIBL
shall also be conducting more commercial paper issues for
several other blue chip clients in the near term.
IGI Investment Bank is licensed by the Securities and Exchange
Commission of Pakistan to carry out Commercial Financing and
Lending and Leasing Services under the NBFC Rules. Pakistan
Credit Rating Agency has awarded IGI Investment Bank a long-term
credit rating of ‘A’ and a short-term credit rating
of ‘A1’.
Established in 1990, IGI Investment Bank is part of the Packages
Group of Companies serving individual consumers, small businesses
and large corporations and institutions with a broad range
of investment banking products and services such as Mutual
Funds Distribution; Corporate Finance; Commercial Financing
and Leasing; Cash and Treasury Management. For more information
please log on to www.igiinvestmentbank.com.pk
or call 0800-2-34-34.
IGI
Investment Bank at the 3rd Annual Auto, Auto Parts
and Accessories Exhibition
Local and International
Auto manufacturers gathered from across the globe at the 3rd
annual Auto, Auto Parts & Accessories Exhibition from December
12th to December 15th. IGI Investment Bank Ltd. was the only
financial institution present at the event amongst exclusive
automotive manufacturers, giving it an ideal platform to inform
worldwide prospects about the bank’s leasing and lending facilities.
The event was also attended by automotive entrepreneurs on
both national and international levels.
IGI Investment Bank offers specialized
lending and leasing solutions to meet the financial needs
of its clients, by providing big savings on capital outlays,
preservation of available resources, maintenance of existing
credit lines and tax advantages. Corporate Marketing Head,
Faraz Ahmed along with his marketing team were present at
the exhibition to promote the leasing and lending facilities
offered by the Bank.
IGI Investment Bank Ltd is one of the
leading investment banks in Pakistan. It was established in
1990 and carries a long-term PACRA credit rating of ‘A’ and
short-term credit rating of ‘A1’ with a listing on the Karachi
and Lahore Stock Exchanges.
IGI Investment
Bank introduces the Step Up Savings Plan, a Certificate
of Deposit scheme which provides Investors with the
opportunity to deposit their cash for a time period
of as little as one month at an annual rate of 8.25%.
This is a unique offer provided only by IGI Investment
Bank ensuring investors get an annualized rate of 8.25%
on their investment along with the flexibility to invest
their cash for the duration of their choice.
The Step Up Savings plan offers
investors to deposit their cash for duration of 1, 2,
3, 4 or 6 months and 1, 1.5, 2 or 3 years depending
on their liquidity requirements. Profits in every category
vary according to the profit payment frequency required
by the investor; monthly, quarterly, semi-annually or
annually. The maximum profit that can be availed is
11% for investors depositing their cash for a period
of only 3 years and receiving their profit annually.
The Step Up Savings Plan has been
developed as a result of increasing demand for a flexible
Deposit Scheme making it ideal for all types of investors,
ranging from corporations, high net-worths and real
estate dealers to sole proprietors, salaried individuals
and housewives.
IGI Investment Bank is licensed
by the Securities and Exchange Commission of Pakistan
to carry out Commercial Financing and Lending and Leasing
Services under the NBFC Rules. Pakistan Credit Rating
Agency has awarded IGI Investment Bank a long-term credit
rating of ‘A’ and a short-term credit rating
of ‘A1’.
Established in 1990, IGI Investment
Bank is part of the Packages Group of Companies. For
more information please log on to www.igiinvestmentbank.com.pk
or call 0800-2-34-34.
In continuation
with its objective to increase awareness about mutual
funds, IGI Fund Select is conducting activities throughout
various malls in Karachi. Starting on the weekend of
November 16th, the Fund Select team will have kiosks
at ‘The Forum’ for two weekends and then
‘Park Towers’ for two weekends thereafter
to interact with mall shoppers and to promote their
mutual funds advisory service. “The objective
of the activity is to have direct contact with customers
who are interested in investing and saving for their
future. We will help them plan, decide, and execute
their investment decisions to meet their financial objectives
at no additional cost.” said Ambereen Israr,
Head of Fund Select. Along with receiving investment
advice, customers will be able to enter a lucky draw
contest and win prizes during the event.
Fund Select is IGI Investment Bank’s
mutual fund advisory service which started operations
in June 2006 and has come a long way in providing education
and awareness of mutual funds to investors. It has managed
to attract over Rs. 15 billion in investments from both
retail and institutional clients since its launch. The
company offers a range of tailor-made investment strategies
based upon clients’ objectives and financial needs
to give them the attractive returns, risk minimization,
diversification, tax benefits, convenience and liquidity
through personalized solutions.
Fund Select is a division of IGI
Investment Bank, a Packages Group company. For more
information, please log on to www.igi.com.pk
or call toll free on 0800-2-3434.
IGI
Investment Bank – Mobilizing Investment in the
Mutual Fund Industry
IGI Investment
Bank’s mutual funds advisory service “Fund
Select” has contributed greatly to the
mobilization of funds in the mutual fund Industry. At
a time when awareness of mutual funds is largely uncommon,
Fund Select has managed to attract investments of over
Rs.10 billion into various open-end funds in a period
of one year since its launch in June 2006.
Licensed by SECP to undertake Investment
Finance Services, Fund Select offers a range of tailor-made
investment strategies for its clients based upon their
objectives and financial needs. Fund Select employs
a highly professional and dedicated team with extensive
international and domestic experience in debt and equity
markets. The distribution network comprises of over
15 asset management companies, with over 40 funds making
Fund Select a truly one-stop-shop-solution for all investment
needs.
The Head of Fund Select at IGI Investment
Bank, Ambereen Israr said: “Our goal is to provide
institutions and individuals with a mutual funds advisory
service and to help them plan, decide, and execute their
investment decisions to meet their financial objectives
at no extra cost.”
Fund Select has come a long way
in creating awareness and informing people of the many
benefits mutual funds have to offer - attractive returns,
risk minimization, diversification, tax benefits, convenience
and liquidity through personalized solutions with high
service standards in the mutual funds industry.
Fund Select is a division of IGI
Investment Bank, a Packages group company. For more
information, please log on to www.igi.com.pk
or call toll free on 0800-2-3434.
IGI Financial Services participated
in the Dawn Lifestyle Exhibition 2007 held on the 22nd,
23rd and 24th June 2007 at the Karachi Expo Center. The
participating organizations were IGI Investment Bank Ltd,
IGI Insurance Ltd, and IGI Securities with their respective
brands (Fund Select, Travel, Fire, Marine, Auto Insurance
and I-Trade).
This was the seventh successful year for the “All
about Lifestyles” Exhibition in which companies
belonging to different arenas gathered to display &
promote their services. The ambience was that of a gala
full of people, music, games; the turn out like every
year was substantial and the dedication of our team at
the IGI Financial Services stall made the event a success
for us.
IGI Financial Services is a dynamic family of diversified
companies belonging to the Packages Group that provides
investment banking, insurance, asset management and
full service brokerage in stocks and securities to a
variety of customers nationwide. You can call us toll
free at 0800-23434 to speak to our representative.
FUND SELECT, the Mutual Fund
Advisory Service of IGI Investment Bank Ltd would like
to bring to your attention an opportunity to receive a
remarkable tax benefit on your taxable income. As per
Section 62 of the Income Tax Ordinance, 2001, you can
avail a tax credit of up to Rs. 40,000 by Investing in
Mutual Funds.
The amount of tax credit can be
calculated in the following way:
Determine the amount on which you may be entitled
to receive the tax rebate. It will be either of the
following, whichever is lower:
The Actual amount of Investment
10% of your taxable annual income, or
Rs. 200,000
Identify the average tax rate for your annual taxable
income as per the Income Tax Ordinance 2001.
Here is an example. Let's say the total annual taxable
income is Rs. 1,800,000 and invested amount is Rs. 500,000
in Mutual Funds. Assuming that the average rate of tax
applicable on the annual taxable income is 15%, the
schedule below shows the amount of tax credit that will
be received:
Total
Annual Taxable Income
1,800,000
Average
rate of tax*
15
%
Amount
Invested in Mutual Funds
500,000
Selection of amount on which Tax Credit is allowed
: Amount
of Tax Credit
Amount invested = Rs. 500,000
10 % of Taxable income = Rs. 180,000 15%
x 180,000 = 27,000
Maximum amount = Rs. 200,000
Tax
Credit
27,000
Since Rs. 180,000 is the lower of the three amounts,
tax credit will be given on this amount. According to
the above illustration, the investor will be entitled
to a tax credit of Rs. 27,000 (i.e. the investor will
pay less tax by this amount) which will be an added
benefit on top of the return that will be made on the
Mutual Fund Investment. The procedure for claiming the
tax credit is simple and easy. The investor has to present
a copy of the account statement of the investment in
Mutual Funds at the time of filing of tax returns.
investments made in mutual funds before 30th June 2007
shall be eligible for claiming tax credit for the year
ending 30th June 2007 and in order to avail tax rebate
under Section 62 of the Income Tax Ordinance 2001, you
are required to hold your investment for one year. Please
feel free to contact your Fund Select Investment Advisor
or call us toll free at 0800-23434.
First
Ever Return Guarantee product developed by IGI Investment
Bank for Open End Mutual Funds
IGI Investment Bank Limited
(formerly known as First International Investment Bank
Limited - INTERBANK) has been at the forefront in developing
innovative products and services for the mutual funds
industry. Fund Select is a unique Mutual Funds Advisory
service developed by IG Investment Bank in partnership
with the Asset Management companies; this advisory has
received tremendous response from customers.
IGI Investment Bank now offers
a first of its kind Return Guarantee product in the
form of Put Option. Put Options on mutual funds is a
new concept in Pakistan. A Put Option gives the holder
the right but not the obligation to sell mutual funds
at a fixed price on or before a given date. Through
this Put Option customers can fix an interest rate today
on an open-end mutual fund for the cash investments
they will receive in future.
IGI Investment Bank shall be offering this option for
NAFA Cash Fund and KASB Liquid Fund, NAFA and KASB are
the main players in the mutual funds industry in Pakistan.
The potential clients for this product are government
institutions, financial institutions, insurance companies,
private sector companies and individuals.
IGI Investment Bank is one of the country's leading
investment banks. It is a joint venture of the International
Finance Corporation (IFC) and Packages Group (PG), which
also includes International General Insurance –
IGI, a major shareholder in IGI Investment Bank Insurance.
IGI Investment Bank is serving individual consumers, small
businesses and large corporations and institutions with
a broad range of investment banking products and services,
including Portfolio Management; Mutual Funds Distribution;
Corporate Finance; Commercial Financing and Leasing; Cash
and Treasury Management.
First International Investment
Bank (INTERBANK), one of the leading investment banks in the
country, has changed its corporate name to IGI Investment Bank
Limited, accompanied by a corporate-wide re-branding initiative.
The decision to change the name was approved
overwhelmingly by the shareholders at the Extraordinary General
Meeting held on September 22, 2006. The Securities and Exchange
Commission of Pakistan (SECP) has also approved this name change.
In conjunction with the name change, the Company's logo will
also change. There are no management changes associated with
the change in name and corporate image. IGI Investment Bank
will now use the new name for all of its operations.
The new name reflects its close ties with International General
Insurance (IGI); IGI is a major shareholder in IGI Investment
Bank and a prominent business name in the financial sector with
the accumulated strengths and experience of more than 50 years
behind it. Both IGI Investment Bank and IGI are part of the
Packages Group, one of the largest and most respected business
conglomerates in Pakistan.
As a diversified investment banking firm, IGI Investment Bank
serves individual consumers, small businesses and large corporations
and institutions with a broad range of investment banking products
and services, including Portfolio Management; Mutual Funds Distribution;
Corporate Finance; Commercial Financing and Leasing; Cash and
Treasury Management.
IGI Investment Bank appointed as Financial Advisor to Hascombe Group
IGI Investment Bank (formerly known as First International Investment Bank - INTERBANK) - the country’s leading wealth management, capital markets and advisory organization - has been appointed as financial advisor for the Hascombe Group for the next three years.
The scope of the assignment will be to assist Hascombe develop appropriate financial structures and plans; keeping track of strategies and development taking place in Hascombe. INTERBANK will also provide financial solutions to the company; prepare information memoranda and feasibilities for projects.
In addition, INTERBANK will assess and pursue financial opportunities and strategies for three companies of the Hascombe Group, namely, Hascombe Storage (Private) Limited, Hascombe Business Solutions (formerly Gestetner Private Limited) and Sigma Motors (Private) Limited.
The Hascombe Group consists of a number of companies involved in various businesses ranging from oil marketing, lubricants blending and marketing, vehicle assembling and import, office automation solutions, and offshore medical transcription services.
INTERBANK’s Fund Select Advisory Appointed as Investment Advisor for KESC’s Provident Fund
First International Investment Bank Limited (INTERBANK) and Karachi Electric Supply Corporation Limited (KESC) have teamed up to sign an agreement, according to which INTERBANK’s Fund Select Advisory will operate as the investment advisor for KESC Provident Fund.
The senior management from both the organizations attended the Agreement Signing Ceremony.
INTERBANK has taken the lead as an investment bank to represent approximately 25 open-end funds in Pakistan. Fund Select Mutual Funds Advisory is a representative of several asset management companies offering respective Mutual Fund products to its clients. Through this unique service the Bank assists customers in building personal portfolios and also advises on how the combinations of various investment funds can provide them with incremental financial growth.
Fund Select is INTERBANK’s special open end Mutual Funds Advisory Service for corporate and retail investors, encouraging investors to take a critical step towards saving for their future.
Other benefits that the customers can avail through Fund Select Advisory are access to well-recognized fund managers, a full range of investment options, asset allocation program and portfolio optimization. In addition, customers gain the convenience of reports on multiple funds; research and information dissemination through call center; mail; email; SMS.
KESC is the sole distributor of electricity for commercial and residential use since 1913. The Corporation is listed on Karachi, Lahore and Islamabad Stock Exchanges, and employs more than 18000 people.
KESC is principally engaged in generation, transmission and distribution of electric energy to industrial, commercial, agricultural and residential consumers under the Electricity Act, 1910 as amended to date & NEPRA Act 1997, to its licensed areas, spread over entire Karachi and its suburbs up to Dhabeji and Gharo in Sindh and over Hub, Uthal, Vindhar and Bela in Baluchistan. The Company was privatized in November 2005 with the transfer of 73% shares of Government of Pakistan along with Management Control to the new owner viz M/s KES Power & others.
PACRA assigns 'A+' Rating to the Proposed Secured TFC Issue of First International Investment Bank Limited
The Pakistan Credit Rating Agency (PACRA) has assigned a rating of ‘A+’ (Single A plus) to the proposed secured TFC issue of PKR 500mln by First International Investment Bank Limited (INTERBANK). The rating indicates a low expectation of credit risk and a strong capacity for timely payment of financial commitments.
The rating reflects INTERBANK’s sustained strong risk absorption capacity, which is primarily an outcome of its conservative stance towards risk supported by an effective credit risk management system. However, at the same time, the Bank, due to relatively fine pricing, to ensure good credit quality, and high cost structure, continues to experience subdued profitability. The management, to overcome this impediment and being cognizant of the changing operating environment in the fund-based business, has identified fee-based investment banking activities as main revenue drivers. However, as most of these initiatives are at an initial stage of implementation, any significant impact on revenues and profitability is expected to materialize in the medium-term.
INTERBANK has issued rated, secured and listed TFCs (Term Finance Certificates) of PKR 500mln during the current year. The proposed TFC issue is for a tenor of 5 years carrying a profit rate of 6-months KIBOR plus 225bps. Principal redemption will be in eight equal semi annual installments commencing from the 18th month after the issuance. The instrument will be secured by way of first parri passu charge on present and future assets of the Bank with a 25% margin. The Bank intends to utilize the proceeds of the TFCs to establish its asset management business, strengthen the brokerage function and further expand the investment portfolio.
INTERBANK introduces Fund Select: A Mutual Funds Advisory Service
First International Investment Bank Limited (INTERBANK) has introduced Fund Select; this is a special open-end Mutual Funds Advisory Service for corporate and retail investors. The announcement was made on July 20, 2006 at a Press Conference held in Sheraton Hotel Karachi, which was attended by senior managers from Asset Management Companies and Financial Institutions; Media Representatives; INTERBANK Management and Mutual Funds Distribution team.
INTERBANK takes the lead as an investment bank to represent approximately 25 open funds in Pakistan. During the soft launch, this service received a tremendous response from both corporate and retail customers.
INTERBANK’s Fund Select Advisory Service is a representative of several asset management companies offering respective Mutual Fund products to its clients. Through this unique service the Bank assists customers in building personal portfolios and also advises on how the combinations of various investment funds can provide them with incremental financial growth.
Other benefits that the customers can avail through Fund Select Advisory are access to well-recognized fund managers, a full range of investment options, asset allocation program and portfolio optimization. In addition, customers gain the convenience of reports on multiple funds; research and information dissemination through call center; mails; email; SMS.
The Fund Select Advisors develops clients’ portfolio by a combination of investments in stock markets, bonds and equity. They also offer a broad range of investment strategies, allowing clients to choose the ones, which best match their risk profiles.
INTERBANK launches Rs. 500 million TFCs
First International Investment Bank Limited (INTERBANK) is issuing rated, secured and listed Term Finance Certificates (TFCs) of PKR 500mln during the current year. The announcement was publicized in the Abridged Prospectus published on June 30, 2006 in Business Recorder and Nawa-e-Waqt.
The amount of Rs. 500 million comprises of Private Placement (pre-IPO) of Rs. 375 million and Initial Public Offer (IPO) of Rs. 125 million. The TFCs offered to the general public and institutional investors will be in sets of ten (10) TFCs, each set having an aggregate face value of Rs. 5,000/-, or in multiples thereof or such other denomination as may be agreed between INTERBANK and the Pre-IPO investors.
The proposed TFC issue is for a tenor of 5 years carrying a profit rate of 6-months KIBOR plus 225bps. Principal redemption will be in eight equal semi annual installments commencing from the 18th month after the issuance. The TFCs will be open for public subscription on July 10 and 11, 2006, during banking hours.
UBL is the market maker for the TFC and it has agreed in the prospectus to offer a bid/offer quote to small investors, thus giving them an opportunity to buy and sell this TFC during its 5-year life.
The instrument will be secured by way of first parri passu charge on present and future assets of the bank with a 25% margin. The Bank intends to utilize the proceeds of the TFCs to establish its asset management business, strengthen the brokerage function and further expand the investment portfolio.
The Pakistan Credit Rating Agency (PACRA) has assigned a rating of ‘A+’ (Single A plus) to TFC issue. The rating indicates a low expectation of credit risk and a strong capacity for timely payment of financial commitments.
First International Investment Bank Limited (INTERBANK), incorporated in 1990 and listed on Karachi and Lahore Stock Exchanges, is a joint venture of the Packages Group (PG), American Express Bank N.Y. (Amex) and International Finance Corporation, who collectively hold majority of the bank’s equity.
INTERBANK offers Membership Fee Financing Scheme to Royal Rodale Sports & Recreational Complex
INTERBANK and Royal Rodale Sports & Recreational Complex have teamed up to sign an agreement, according to which the Consumer Financing Division at INTERBANK will provide Membership Fee Financing facility to prospective members of Royal Rodale.
The senior management from both the organizations attended the Agreement Signing Ceremony at the Royal Rodale. This Agreement will facilitate potential clients to avail the exclusive opportunity of becoming a member of this prestigious Club through convenient installment plans offered by INTERBANK. The plan also offers 0% markup facility to those interested in one-year financing term.
The Royal Rodale is exclusively a member-based facility, owned and operated by ABB Recreations (Pvt.) Ltd. The Club offers services to both the corporate and household sectors. It provides an exclusive and extravagant facility for those who like to enjoy and celebrate in complete privacy and retreat.
INTERBANK arranges investment for Systems Limited
Systems Limited is one of Pakistan’s pioneering Information Technology firms with a strong market presence, since its inception in 1977. The company has also manifested itself strongly in the international market and currently generates nearly USD 7.50 million in revenue.
B.R.R. International Modaraba, First International Investment Bank Limited (INTERBANK), International General Insurance Company of Pakistan Limited (IGI), Pak Oman Investment Company Limited (POIC), Shirazi Investment (Pvt.) Limited and Treet Corporation Limited, have recently invested in the equity of Systems Limited through a private equity transaction, advised and arranged by INTERBANK.
INTERBANK acquires Finex Securities Limited
First International Investment Bank Limited (INTERBANK) - one of the leading investment banks in the country - has successfully acquired 100% shares of Finex Securities Limited. The strategic acquisition of Finex Securities offers complimentary distribution strength and expanded market coverage to INTERBANK in the financial markets. Established in 1990, INTERBANK has played a pioneering role in the Pakistani financial markets by advising and arranging the first public floatation of corporate bonds, the first issue of corporate commercial paper, and the first bankers’ acceptance program in the country. Finex Securities, with more than one decade of presence in the financial markets has always been in the forefront in equity, money market and forex broking business in Pakistan. Finex’s key strength is the in-depth knowledge and expertise of its employees in their respective business areas and its blue-chip client-base.
INTERBANK is a part of the Packages Group, which comprises of well-established, companies namely Packages Limited, International General Insurance (IGI) Company of Pakistan Limited and Tri-Pack Films Limited. The other major shareholders of INTERBANK are American Express Bank Ltd and International Finance Corporation (IFC).
INTERBANK and SYSMAX (PVT) LTD. team up to facilitate potential DA Country & Golf Club members
INTERBANK and SYSMAX (PVT) LTD. have teamed up to sign an agreement according to which INTERBANK will provide Membership Fee Financing facility to prospective DA Country & Golf Club members.
The senior management from both the organizations attended the Agreement Signing Ceremony at the SYSMAX office at DA Country & Golf Club to conclude the deal. This Agreement will facilitate potential clients to avail the unique opportunity of becoming a member of the prestigious DA Country & Golf Club through convenient installment plans offered by INTERBANK.
This agreement will strengthen and consolidate INTERBANK’s commitment towards customer facilitation for which the Bank has been working for more than 15 years.
SYSMAX (PVT) LTD. is a group proficient at developing ideal entertainment venues for mixing business with pleasure. DA Country & Golf Club is one of the largest clubs in Pakistan, managed by SYSMAX, the Club provides a relaxed and conducive environment to entertain and conduct business in perfect surroundings.
15%
x 180,000 = 27,000 