Business

SBP Grants Final Approval for TPL Corp and Abhi’s Takeover of FINCA Microfinance Bank

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.

 

 

Sponsored
Tehniyat Zafar

Share
Published by
Tehniyat Zafar

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

12 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

12 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

13 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

13 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

15 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

16 hours ago