Network Microfinance Bank renamed as Apna Microfinance Bank
LAHORE: Board of Directors of Network Microfinance Bank Limited (NMBL) has approved renaming the institution as Apna Microfinance Bank Limited. The authorized capital of the Bank will be increased from Rs.500 million to Rs.1.5 billion, according to a release yesterday.
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. –PPI