Pakistan: FINCA Becomes Majority Shareholder in KMBL
Pakistan, June, 01 2013 -
Kashf Microfinance Bank Limited on Friday announced an equity injection of Rs 824.7 million by FINCA Microfinance Cooperatief U.A. (Netherlands).With this transaction, FINCA becomes the majority shareholder in KMBL, acquiring 82.8 per cent of the shares.
Speaking at a ceremony in Islamabad to mark the occasion, M Mudassar Aqil, CEO of KMBL, characterised the transaction as an ideal match of FINCA's global reach with KMBL's local depth.
"KMBL was founded to serve the citizens of Pakistan with the financial tools everyone needs to fuel their productivity and create a better life. Now, with a strengthened capital base and with the technical support made possible from FINCA's 28-year history of global leadership, KMBL stands today even better positioned to fulfil our mission of job creation and poverty alleviation."
Speaking at the ceremony, FINCA's President and CEO Rupert Scofield described the acquisition of KMBL as the ideal pathway into Pakistan for FINCA, given the two institutions' shared mission and values, and the technical skills of the local team.
KMBL's Founder and Managing Director of Kashf Foundation, Roshaneh Zafar welcomed FINCA and emphasised that this partnership will enable the bank to establish new thresholds in the Microfinance industry in Pakistan.
She also highlighted the important role that Kashf has played in pioneering and founding KMBL in order to serve the "missing middle" or the small entrepreneurs who are the vehicle for creating local jobs, an imperative for Pakistan today.
Dr Saeed Ahmed, Director Agriculture & Microfinance Department, State Bank of Pakistan (SBP) was the guest of honour at the occasion, a well-attended event, with representatives from SBP, the Securities and Exchange Commission of Pakistan, Microfinance institutions, commercial banks, donor agencies, representatives of non-governmental organisations, and other distinguished guests.