Pan Asia Bank gets CB extension to beef up capital buffers

The Central Bank this week approved Pan Asia Banking Corporation PLC’s (PABC) request to further extend the deadline for meeting the interim capital adequacy requirements for the banking sector.
Accordingly, PABC has to meet Rs.7.5 billion in minimum capital by March 31, 2017 and reach Rs.10 billion in minimum capital by January 1, 2018.
At an Extraordinary General Meeting held yesterday, the bank’s shareholders approved to issue 147.52 million new shares in order to meet the capital adequacy requirements for March.
The bank has already announced its plans to raise Rs.2.1 billion through a rights issue.