In a major expansion move, TPL Corp Limited (TPL), a Pakistani financial platform, and Abhi (Private) Limited (Abhi) have jointly entered into a Share Purchase Agreement (SPA) with FINCA Microfinance Coöperatief U.A to jointly acquire FINCA Microfinance Bank Limited.
The development was shared by TPL Corp, the investment holding company of the TPL Group, in its notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to announce that subsequent to the approval of the Board of Directors, TPL and Abhi have jointly entered into a SPA along with other definitive agreements, with FINCA Microfinance Coöperatief U.A to jointly acquire FINCA Microfinance Bank Limited,” stated the notice.
FINCA Microfinance Bank Limited was incorporated on June 26, 2008, as a public limited company under the Companies Ordinance, 1984.
TPL Corp, Abhi Limited explore acquisition of FINCA
The bank received the license to operate the company for banking business from the State Bank of Pakistan (SBP) on August 12, 2008.
The holding company of the bank is FINCA Microfinance Cooperatief U.A. The ultimate holding company of the Bank is FINCA International, Inc, a not-for-profit corporation incorporated in Washington DC, USA
Meanwhile, TPL informed in its notice to the bourse that “the acquisition sets the stage for a transformative expansion of financial services across the country and represents a significant milestone in the journey toward financial inclusion in Pakistan”.
TPL said that it sees this acquisition as an opportunity to enhance its impact in the financial sector and contribute to the creation of a more inclusive financial ecosystem in Pakistan.
“The acquisition shall remain subject to all regulatory approvals and requisite closing conditions,” it added.
Last year in December, SBP gave a green signal to TPL and Abhi to commence the due diligence of FINCA Microfinance Bank Limited.
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