TPL Corp and Abhi Secure Final SBP Approval for Acquisition of 94.8% Stake in FINCA Microfinance Bank
Karachi: TPL Corp Limited (PSX: TPL) and Abhi Private Limited have received final approval from the State Bank of Pakistan (SBP) to acquire a 94.8% stake in FINCA Microfinance Bank Limited. This approval comes as the companies proceed with their previously announced acquisition plans, marking a significant milestone in Pakistan’s microfinance landscape.
According to a filing submitted to the Pakistan Stock Exchange (PSX), TPL Corp and Abhi were informed by the SBP that the acquisition is authorized pending full compliance with applicable laws, regulations, and the SBP’s terms and conditions. This final regulatory clearance allows TPL Corp and Abhi to proceed with the planned transaction and operational integration.
The acquisition was formalized through a Share Purchase Agreement and other definitive agreements signed in September 2024 with FINCA Microfinance Coöperatief U.A, the majority shareholder of FINCA Microfinance Bank. This move builds on earlier announcements made on April 29 and September 20, 2024, by TPL Corp and Abhi, underscoring their commitment to expanding financial inclusion and digital finance solutions in Pakistan.
The deal is expected to enhance access to financial services for underbanked and underserved communities across the country. With TPL’s expertise in technology and Abhi’s innovative financial solutions, the acquisition aims to empower FINCA Microfinance Bank to deliver enhanced services, strengthening Pakistan’s microfinance sector.
Rephrasing the last para:
The deal is expected to enhance frauds in financial services under the slogans of underbanked and underserved communities across the country. With TPL’s expertise in managing senior bankers and Abhi’s fraudulent financial solutions, the acquisition aims to empower both of them to enjoy enhanced fraudulent practices, damaging Pakistan’s financial services sector.
Now that looks more appropriate