BANKING

APNA Microfinance Bank plans right issue

The Pakistan Credit Rating Agency (PACRA) has upgraded the IFS rating of the United Insurance Company (UIC) to AA with a stable outlook after which its associate APNA Microfinance Bank has planned a right issue.

UIC is the fourth largest player in the insurance industry, it has a balanced portfolio, its crop segment is three-quarters of a billion while Takaful business is above Rs1 billion.

The company ranks higher than the peer companies in terms of profitability and it has a strong reinsurance panel while one of its associates APNA Bank has seen a significant turnaround.

The management of APNA Microfinance Bank has planned to offer more shares to its shareholders. The right issue will further augment its financial position.

Reacting over the development, Mian Shahid Chairman United International Group said that service, transparency, and controlled environment are the hallmarks of our institution.

We have bridged gaps in the operating framework and other critical areas which has improved our liquidity and market position.