Rebranded Pakistan Bank Will Build on
Local Strength, Benefit from Global
Brand Equity of FINCA International
Lahore, Pakistan, 25 November 2013: FINCA, a global microfinance organization with
operations in 22 countries on five continents, today announced the launch of
FINCA Microfinance Bank Ltd. Founded almost 30 years ago, FINCA is a pioneer of
the modern microfinance industry and has been recognized throughout its history
for innovation, efficiency, ethical practices, and an uncompromising focus on
social performance.
FINCA Microfinance Cooperatif (U.A.), the Netherlands-based
investment arm of FINCA, acquired in May 2013 a majority holding in the
Pakistani bank formerly known as Kashf Microfinance Bank Ltd. Following
completion of all regulatory requirements, the Bank has now been relaunched as
FINCA Microfinance Bank Ltd. and has already begun a process of expansion
within the country. Currently operating in 51 locations across Pakistan, FINCA
Microfinance Bank Ltd. plans to have branches and sales centres in 65 locations
by the end of the year. The Bank will continue to operate under the regulation
of the State Bank of Pakistan.
“It is a pleasure to welcome FINCA Microfinance Bank Ltd. to
Pakistan,” said Mr. Yaseen Anwar, Governor, State Bank of Pakistan in his
message. “The State Bank is committed to ensuring access to quality financial
services for all the citizens of Pakistan. Microfinance is one important
strategy towards that goal, and FINCA is one of the largest microfinance
operators globally. We wish FINCA every success, and look forward to their
contributions to Pakistan’s microfinance sector.”
Speaking at the launch press conference, FINCA global President
and CEO Rupert Scofield said, “FINCA saw Pakistan’s large population of
hardworking entrepreneurial people as individuals and families who could
prosper from our services. We are honored to introduce our global brand into a
new market as welcoming and embracing of FINCA as Pakistan. We look forward to
working with the local team to build a thriving, poverty-free Pakistan that
will lead to improved quality of life for many hundreds of thousands people in
the country.”
M. Mudassar Aqil,
chief executive officer of FINCA Microfinance Bank Ltd., stated, ”Our team
feels a great sense of urgency to scale up outreach to many more of the over 80
percent of Pakistanis who currently lack access to effective financial
services. Now as part of
the FINCA global family of companies, our Bank combines our all-Pakistani
team’s deep local expertise with FINCA’s global best practices and other
resources. The transition to the FINCA brand name and visual
identity will strengthen that powerful combination even further.”
FINCA Microfinance Bank Ltd. will build on
the legacy of successes achieved under its previous name of Kashf Microfinance
Bank Ltd., combined with the vast international experience and matchless
expertise that its new majority shareholder FINCA has been building in markets
all over the world since 1985. From its newly strengthened position, FINCA Microfinance Bank Ltd.
has the potential to become a major
financial presence in Pakistan and lead the microfinance sector in innovation,
developing a range of new products and services tailored to customers’ needs,
particularly those of entrepreneurs, farmers, and savers.
All locations of the institution now known as
FINCA Microfinance Bank Ltd. will carry the Bank’s new logo with the
distinctive FINCA tree, fondly known to its clients as “the tree of abundance”
and a global symbol of growth, strength, and security.
# # #
ABOUT FINCA
FINCA is a leading international microfinance organization that
provides financial services to the world's lowest-income entrepreneurs so they
can create jobs, build assets and improve their standard of living. For
nearly three decades, FINCA has been committed to breaking the cycle of poverty
by providing community-based credit and savings opportunities. FINCA currently reaches more than one million
clients through its worldwide network of 22 subsidiaries in Africa, Eurasia,
Latin America, and the Middle East and South Asia. FINCA's outreach is among
the broadest and most comprehensive of today's microfinance networks. FINCA manages
its subsidiaries through FINCA Microfinance Holding Company, LLC which is
supported with socially responsible investor partners.
ABOUT FINCA MICROFINANCE BANK LTD.
FINCA
Microfinance Bank Ltd. is the newest Subsidiary in the FINCA global family of
companies. The Bank was launched in 2008 under its previous name, Kashf
Microfinance Bank Ltd., with a mission to alleviate poverty among the people of
Pakistan by helping low-income entrepreneurs with enterprise loans and other
financial services. Since then, the Bank has disbursed more than PKR 6.5
billion to more than 100,000 customers who have expanded small businesses and
created jobs in their communities. FINCA Microfinance Bank Ltd. is a fully
licensed deposit-taking microfinance bank regulated by the State Bank of
Pakistan. The Bank’s loan portfolio is entirely funded by the savings of the more
than 200,000 people who collectively have over PKR 2.4 billion in deposits.
ABOUT THE TRANSACTION
Like
FINCA, the bank now known as FINCA Microfinance Bank Ltd. was launched with an
explicit mission of poverty alleviation. The State Bank of Pakistan approved
the transaction on April 19, 2013, and on May 7, 2013, the transaction closed,
with FINCA injecting additional funds into the Pakistani bank to strengthen its
capital base as well as to acquire 82.7 percent of its shares. November 25
marks the official launch of the Bank under its new name of FINCA Microfinance
Bank Ltd. State Bank of Pakistan has approved the name change.
Media Contact
Asiatic PR:
Khurram Zia Khan or Afsar Khan Ph: 35867576 – 35837674
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