TPL Corp Limited and Abhi (Private) Limited have received final approval from the State Bank of Pakistan (SBP) to proceed with the acquisition of up to 94.8% shareholding in FINCA Microfinance Bank Limited.
TPL Corp shared this development with the Pakistan Stock Exchange (PSX) through a notification on Tuesday.
The approval comes after prior announcements by TPL on April 29 and September 20, 2024, regarding their intent to expand their presence in the microfinance sector.
“In continuation to our earlier announcements dated April 29, 2024, and September 20, 2024, the State Bank of Pakistan (“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 (“Acquisition”), subject to compliance with applicable laws, rules, regulations, and terms and conditions of the SBP,” read TPL Corp’s notice sent to the PSX.
The acquisition, subject to regulatory compliance with SBP’s stipulated terms, aligns with TPL and Abhi’s plans to broaden their financial services portfolio.
The two companies are now working to fulfill all necessary requirements to finalize the transaction.
In September, Abhi, the lending fintech platform best known for its earned wage access (EWA) product, teamed up with TPL Corporation to jointly acquire FINCA Microfinance Bank.
