Islamabad, Nov 12: TPL and Abhi Get SBP Approval for FINCA Microfinance Acquisition
TPL Corp Limited (PSX: TPL) and Abhi Private Limited have received final approval from the State Bank of Pakistan (SBP) to purchase a 94.8% stake in FINCA Microfinance Bank.
This approval follows earlier announcements made on April 29, 2024, and September 20, 2024. The acquisition is subject to adhering to all relevant laws, regulations, and SBP requirements, as stated in the stock filing.
In September, the boards of TPL Corp and Abhi Private Limited entered into a Share Purchase Agreement with FINCA Microfinance Coöperatief U.A to jointly acquire FINCA Microfinance Bank.
Back then, 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”.
TPL stated that it views 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.
