LOLC buys Pakistan microfinance bank

Business

The LOLC Group has acquired controlling interests of Pakistan’s Pak Oman Microfinance Bank (POMB), a specialised financial institution formed as a joint venture between the Governments of Pakistan and Sultanate of Oman in July 2001. LOLC will hold a media briefing to announce this on Friday, officials said.
Pak Oman’s mission is to help fight poverty by providing financial services to financial service to micro enterprises on a sustainable basis in Pakistan.
LOLC Group’s maiden foray into overseas investment was through PRASAC in Cambodia catering to the microfinance market there. Now the largest micro finance institution in Cambodia, PRASAC provides access to financial services for rural communities and micro enterprises in Cambodia. In a bid to expand their regional presence, the group signed this deal with Pak Oman, officials said.
LOLC has a dedicated microfinance firm - LOLC Micro Credit Ltd - inaugurated in 2009 which is the largest microfinance company in Sri Lanka. (DE)

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