FINCA announce launch of FINCA Microfinance Bank Ltd. In Pakistan
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 re-launched 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 centers 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.