Press Release

JCR-VIS places ratings of Saudi Pak Commercial Bank Limited under ‘Rating Watch-Developing’ Status
 

Karachi, April 11, 2009: JCR-VIS Credit Rating Company Limited has placed the entity ratings of ‘A-/A-3’ (Single A Minus / A-Three) assigned to Saudi Pak Commercial Bank Limited (SPCBL) under ‘Rating Watch – Developing’ status.

This rating action has been taken in view of the agreement in principle by the Boards of SPCBL and Atlas Bank Limited (ABK) for a potential merger of the two banks, subject to regulatory approvals. The majority shareholders of SPCBL have entered into a Memorandum of Understanding with the sponsors of ABK for merger of ABK into SPCBL.

Furthermore, the bank has obtained extension in time until April 30, 2009 for meeting the minimum capital requirement stipulated for December 31, 2008 in view of the potential merger of ABK with and into SPCBL. The ratings of SPCBL are presently under review by JCR-VIS and further updates to the ratings will be communicated shortly. Outcome of the merger negotiations with its implications on the capital structure will be incorporated in the ratings once the deal has been finalized.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311873.



Safdar Kazi
Director

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2009 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited