The State Bank of Pakistan (SBP) has granted final approval for TPL Corp Limited and Abhi (Private) Limited to acquire a majority share in FINCA Microfinance Bank Limited. This significant move was announced by TPL Corp via a notice to the Pakistan Stock Exchange (PSX).
The SBP has approved the acquisition of up to 94.8% shareholding in FINCA Microfinance Bank Limited, as confirmed by the notice. This approval follows previous announcements made on April 29, 2024, and September 20, 2024. TPL Corp, the investment branch of the TPL Group, also emphasized that the acquisition is contingent upon the fulfillment of all relevant regulations and SBP conditions.
“In continuation to our earlier announcements dated April 29, 2024 and September 20, 2024, the SBP has conveyed its final approval to TPL Corp Limited (TPL) and Abhi (Private) Limited (Abhi) for the acquisition of up to 94.8% shareholding in FINCA Microfinance Bank Limited,” read the notice.
TPL and Abhi are currently in the process of fulfilling the remaining requirements to finalize the acquisition. Once all legal and regulatory obligations have been fulfilled, the agreement will be finalized, as the notice underscored.
FINCA Microfinance Bank Limited, a non-profit organization headquartered in Washington, DC, was established in 2008. It is operated under the holding corporation, FINCA Microfinance Cooperatief U.A., and is ultimately owned by FINCA International, Inc.
TPL and Abhi executed a Share Purchase Agreement (SPA) with FINCA Microfinance Coöperatief U.A. earlier this year. The acquisition is being celebrated as a significant stride towards the promotion of financial inclusion and the expansion of financial services in Pakistan.
TPL regards this acquisition as a strategic opportunity to further strengthen its presence in Pakistan’s financial sector, to foster a more inclusive and accessible financial ecosystem.
