Business Desk 
Nov 12, 2024
As TPL Corp Limited (TPL), a Pakistani financial platform, and Abhi Private Limited are set to acquire the FINCA Microfinance Bank Limited, the State Bank of Pakistan (SBP) has given its final nod to the acquisition.
According to Business Recorder, the development was brought to light by TPL Corp —TPL Group's investment holding company— in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“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.
The acquisition is subject to compliance with applicable laws, rules, regulations and terms and conditions set by the SBP, said TPL.
The notice to PSX added that: “TPL and Abhi are in the process of completing all the requirements relating to the successful consummation of the acquisition."
The SBP issued the license to FINCA Microfinance Bank Limited on August 12, 2008, allowing it to operate as a banking business company after the bank was incorporated on June 26, 2008.
The holding company of the bank is FINCA Microfinance Cooperatief U.A., whereas the ultimate holding company of the Bank is FINCA International, Inc., a non-profit corporation incorporated in Washington DC, USA.
Both of the buyers, including TPL and Abhi, signed a Share Purchase Agreement (SPA) back in September with FINCA Microfinance Coöperatief U.A to acquire FINCA Microfinance Bank Limited in partnership.
At the time, TPL said: “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”.
It viewed the acquisition as an opportunity to widen its footprint in the financial sector and help establish a more inclusive financial ecosystem in Pakistan.
