(Alliance News) - ASA International Group PLC said Tuesday its 100%-owned Pakistan subsidiary's approval to transform into a microfinance bank has been granted.
The emerging markets microfinance lender said the State Bank of Pakistan issued a no objection certificate to ASA Pakistan Ltd, allowing the unit to begin micro lending operations within the next six months.
ASA International Chief Executive Dirk Brouwer said: "We consider this an important step towards securing the microfinance bank license, which should enable ASA Pakistan to mobilize savings over time."
Shares in ASA International were untraded in London on Tuesday at 270.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Asa Int (ASAI)