Bank Makramah Limited`s (BML) progress in its recapitalisation efforts has recently been supported by a recent Rs5 billion deposit from BML`s sponsor, Nasser Abdulla Hussain Lootah, as per a press release. This amount, to be recorded as an advance against share subscription pending regulatory approvals, follows his earlier Rs10bn capital injection in 2023. In addition, the proposed merger of Global Haly Development Limited, a company owned by Mr Lootah, into BML reflects his substantial commitment, which will total Rs41bn. The bank extends its deepest gratitude to Mr Lootah for his unwavering support and vision for BML and Pakistan`s banking sector.

In a concurrent move, BML`s Board of Directors has approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of Rs12bn. 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 Rs13bn of its legacy non-performing loans in the near future, resulting in a strong impact on its profitability and capital base.m