Habib Bank Limited, the largest bank of Pakistan, is decided to invest up to PKR 2 billion equity in HBL Microfinance Bank Limited, according to bank filing to the Pakistan Stock Exchange.
The Board of Directors of Habib Bank Limited has approved an Equity Investment of up to PKR 2 Billion in its subsidiary namely HBL Microfinance Bank Limited (HBL MfB) in compliance with all regulatory requirements and the approval of the Shareholders of the Bank.
HBL Microfinance Bank Ltd. was established in 2002 as the first private sector microfinance bank, licensed by the State Bank of Pakistan. HBL MfB was created through a structured transformation of the credit and savings section of the Aga Khan Rural Support Programme (AKRSP), an integrated development program to pioneer the microfinance sector in the country, operating since 1982 in Gilgit-Baltistan and Chitral.
HBL MfB boasts the largest portfolio in the microfinance industry, serving over 4 million customers through a footprint of 225 locations and 133 ATMs across Pakistan.
HBL MfB was established with the mission to respond to poverty and contribute to the social and economic well-being of society by providing opportunities to thousands of under-privileged households. Through targeted financial and multi-sectoral products and services based on the evolving needs of the poor, HBL MfB enables its clients to strengthen their entrepreneurial base and build financial, physical, and human capital to secure their future.
