KARACHI, Dec 7: Atlas Bank Limited on Friday announced the successful completion of its equity arrangement with Deutsche Investitions of Germany (DEG). As part of the agreement, DEG, a member of the world renowned Germany’s KfW Bankengruppe remitted Rs1.836 billion resulting in the completion of the equity participation. The amount includes a premium of Rs591.54 million.

Following DEG’s participation and the recent right issue, Atlas Bank’s paid up capital will increase to Rs5 billion by December 31, 2007 as against the State Bank of Pakistan’s requirement of Rs4 billion. The bank has effectively met the minimum capital requirement of Rs5 billion for 2008. DEG will further add value through their Director on the Board having rich experience in banking and finance.

DEG signed the agreement with Atlas Bank on August 30, 2007 taking a stake of 24.9 per cent in the total capital. The accord will allow Atlas Bank to expand its operations across all customer segments.