Bank Makramah Limited (BML) is making significant strides in its recapitalization efforts, reinforcing its commitment to long-term financial stability and growth.
BML’s recapitalization efforts are supported by a recent Rs. 5 billion deposit from its sponsor, His Excellency Nasser Abdulla Hussain Lootah of the U.A.E.
According to BML, the deposit—to be recorded as an advance against share subscription pending regulatory approvals—follows his earlier Rs. 10 billion capital injection in 2023. Additionally, the proposed merger of Global Haly Development Limited, a company owned by the sponsor, into BML reflects his substantial commitment, totaling Rs. 41 billion.
The bank has 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 Rs. 12 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 Rs. 13 billion of its legacy non-performing loans in the near future resulting in a strong impact on its profitability and capital base. These initiatives are projected to increase BML’s net assets by around Rs. 50 billion. This shall further strengthen its commitment to better serve its customers and play a significant role in the financial sector of Pakistan.