Authorised capital to be boosted by 200 pc
SME sector can minimise inequality: Mian Shahid
Lahore: Feb 20:
Board of Directors of Network Microfinance Bank Limited (NMBL) has
approved renaming the institution as Apna Microfinance Bank Limited.
The authorised capital of the Bank will be increased from Rs 500 million
to Rs 1.5 billion, it was decided.
According to the details, an Extraordinary General Meeting (EGM) was held
in which decisions were taken to rename the bank, spread it on the
national level, boost paid up capital to Rs 1.5 billion and paid up
capital to Rs 1 billion.
The meeting was attended by Mian Shahid, Chairman United Insurance Group,
Jamshed Iqbal Cheema, Chairman Auriga Group of Companies, Muhammad Azam
Cheema, Sajida Bilquis, Ejaz Ahmed Khan and Shoaib Ahmad Butt.
Speaking on the occasion, Mian Shahid said that low-income groups should
not remain deprived of proper financial services.
He said that 56 per cent of the population has no access to formal
financial services while only 10 per cent of SMEs are served by banks.
Traditionally, banks would ignore providing loans to poor therefore
microfinance banks should come forward to bridge the financial divide, he
stressed.
Mian Shahid said that SME sector is backbone of the economy which can
minimise inequality only if strengthened.
Country needs a strong banking system based on mutual trust,
participation, and community involvement, he observed.
He informed said that Bangladesh, Kenya, India, South Africa, and Sri
Lanka have been performing well in the micro finance sector.
Mian Shahid said that we will focus on providing financial services to
farmers, agriculture market, small sized businesses and individuals.
--
Ali Asad,
PRO, UIG
Cell: 0321-2047618. Ph: 0213-581-0441/2
Address: 212 Clifton Centre, Clifton, Karachi.
About United International Group:
UIG Member Companies include United Insurance Co, Saudi Pak Insurance Co,
Apna Microfinance Bank, Tawasul Insurance LLC, Abu Dhabi, United Track
System (Pvt.) Ltd., United International Agro Services, United Software &
Technologies International (Pvt.) Ltd. & United International Farms. The
Group is in process of expansion…
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