LAHORE: FINCA International, a global microfinance network, has acquired majority shareholding in Kashf Microfinance Bank Limited through an equity investment of more than Rs820 million.

With this takeover, the name of the bank has been changed to FINCA Microfinance Bank Limited.

FINCA president and CEO Rubert Scofield told a news conference at local hotel here on Monday that it was the only microfinance bank in the country whose loan portfolio was entirely funded through its own deposits.

“Now under its new name and ownership, the bank aims to become the provider of choice by offering a full range of financial services to micro and small entrepreneurs, especially women, to equitably expand economic opportunities and to maximise value for all stakeholders,” he added.