TPL Corp Limited (TPL), a Pakistani financial platform, and Abhi (Private) Limited (Abhi) have successfully acquired FINCA Microfinance Bank Limited.
The development was shared by TPL Corp, the investment holding company of the TPL Group, via notice to the Pakistan Stock Exchange (PSX) on Friday.
“In continuation to our earlier announcement dated November 12, 2024, we are pleased to announce that the acquisition of majority shareholding in FINCA Microfinance Bank Limited by TPL Corp Limited along with Abhi (Private) Limited has been successfully completed,” read the notice.
FINCA Microfinance Bank Limited, incorporated on June 26, 2008, received the license to operate the company for banking business from the SBP on August 12, 2008.
The holding company of the bank is FINCA Microfinance Cooperatief U.A, while its ultimate holding company is FINCA International, Inc, a not-for-profit corporation incorporated in Washington DC, USA.
Last year in September, TPL and Abhi entered into a Share Purchase Agreement (SPA) with FINCA Microfinance Coöperatief U.A to jointly acquire FINCA Microfinance Bank Limited.
At the time, TPL said 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”.
Following the SPA, TPL Corp and ABHI secured the State Bank of Pakistan (SBP) approval in November 2024 to acquire up to 94.8% shareholding in FINCA Microfinance Bank Limited.
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