PACRA withdraws the Rating of Askari Bank Limited | Tier-II TFC (TFC-VII)

Askari Bank Limited (“AKBL” or “the Bank”) had issued an unsecured, subordinated, rated, and DSLR listed Tier-II Term Finance Certificate (TFC-VII) in March 2020, with a total size of PKR 6 billion. The Bank exercised the Call Option on September 17, 2025, pursuant to which the instrument has been fully redeemed. The instrument—carrying a profit rate of 3-Month KIBOR + 1.2% and structured with a 10-year tenor—formed part of the Bank’s Tier-II capital, with all periodic profit obligations serviced in accordance with terms. As evidenced by the disclosures submitted to PSX and the Auditor’s Certificate enclosed with the Bank’s delisting request, AKBL has fully settled the outstanding principal and accrued mark-up through IBFT/RTGS channels, and all regulatory formalities, including reconciliation of books and compliance with CDC’s, Central Depository Company, “Procedures for Revocation of CDS Eligibility of Redeemable Securities,” have been duly completed, as also reflected in the PSX delisting notification.
With the instrument fully redeemed, PACRA has accordingly withdrawn the rating of Askari Bank Limited’s Tier-II TFC-VII.

About the Entity
Askari Bank Limited, incorporated in 1991, operates with a network of 757 branches as of Dec'25. The Fauji Consortium is the key sponsor, holding a 71.91% stake in the Bank. The remaining 28.09% shareholding is widely spread among financial institutions and the general public. Currently, overall control of the Bank vests in the eleven-member Board of Directors (BoD), including the President and CEO. Mr. Zia Ijaz, a seasoned banker with over three decades of extensive banking experience, having held senior leadership roles in leading banks in Pakistan and abroad, serving as the President and CEO of the Bank.