AIRLINK 164.00 Decreased By ▼ -1.36 (-0.82%)
BOP 10.58 Increased By ▲ 0.19 (1.83%)
CNERGY 8.40 Increased By ▲ 0.57 (7.28%)
FCCL 47.24 Increased By ▲ 1.59 (3.48%)
FFL 15.30 Increased By ▲ 0.18 (1.19%)
FLYNG 26.45 Decreased By ▼ -0.03 (-0.11%)
HUBC 137.19 Increased By ▲ 1.91 (1.41%)
HUMNL 12.99 Increased By ▲ 0.14 (1.09%)
KEL 4.30 Increased By ▲ 0.11 (2.63%)
KOSM 5.63 Increased By ▲ 0.16 (2.93%)
MLCF 60.80 Increased By ▲ 1.37 (2.31%)
OGDC 215.60 Increased By ▲ 2.53 (1.19%)
PACE 5.54 Increased By ▲ 0.13 (2.4%)
PAEL 41.89 Decreased By ▼ -0.12 (-0.29%)
PIAHCLA 17.65 Increased By ▲ 0.60 (3.52%)
PIBTL 10.22 Increased By ▲ 0.29 (2.92%)
POWER 11.88 Increased By ▲ 0.09 (0.76%)
PPL 174.68 Decreased By ▼ -0.11 (-0.06%)
PRL 35.65 Increased By ▲ 1.29 (3.75%)
PTC 22.95 Increased By ▲ 0.25 (1.1%)
SEARL 95.08 Increased By ▲ 1.33 (1.42%)
SSGC 36.47 Increased By ▲ 0.36 (1%)
SYM 14.00 Increased By ▲ 0.52 (3.86%)
TELE 7.27 Increased By ▲ 0.15 (2.11%)
TPLP 10.25 Increased By ▲ 0.04 (0.39%)
TRG 61.93 Increased By ▲ 1.00 (1.64%)
WAVESAPP 10.39 Increased By ▲ 0.11 (1.07%)
WTL 1.31 Increased By ▲ 0.03 (2.34%)
YOUW 3.72 Increased By ▲ 0.02 (0.54%)
BR100 12,388 Increased By 74.4 (0.6%)
BR30 36,995 Increased By 487.9 (1.34%)
KSE100 115,532 Increased By 623 (0.54%)
KSE30 35,662 Increased By 120.4 (0.34%)

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.

Comments

Comments are closed.

Gumnam Sipahi Sep 20, 2024 06:59pm
@SBP, what a shame!!! Those who should be behind bars are instead being gifted a Bank. Is it any surprise we’re sitting at a pathetic 133 on the corruption perception index?
thumb_up Recommended (0)