Karachi – September 20, 2024: TPL Corp Limited (TPL), a leading Pakistani financial platform, and Abhi (Private) Limited (Abhi) have signed a Share Purchase Agreement (SPA) with FINCA Microfinance Coöperatief U.A. to jointly acquire FINCA Microfinance Bank Limited. The development marks a significant milestone in Pakistan’s financial sector, with the announcement shared via a notice on the Pakistan Stock Exchange (PSX) on Friday.
In its official statement, TPL Corp, the investment holding company of the TPL Group, expressed enthusiasm about the deal. “We are pleased to announce that, following approval from our Board of Directors, TPL and Abhi have entered into an SPA and other definitive agreements with FINCA Microfinance Coöperatief U.A. to jointly acquire FINCA Microfinance Bank Limited,” read the notice.
About FINCA Microfinance Bank
FINCA Microfinance Bank Limited was established on June 26, 2008, as a public limited company under the Companies Ordinance, 1984. The bank received its banking license from the State Bank of Pakistan (SBP) on August 12, 2008. FINCA Microfinance Coöperatief U.A. is the current holding company of the bank, while FINCA International, Inc., a not-for-profit corporation based in Washington, D.C., serves as its ultimate parent organization.
A Transformative Acquisition for Financial Inclusion
The acquisition is set to position TPL and Abhi as key players in expanding financial services across Pakistan, with a strong focus on driving financial inclusion. TPL, in its statement, emphasized the broader impact of the deal: “This acquisition represents a transformative step towards creating a more inclusive financial ecosystem in Pakistan. It will enhance our ability to contribute significantly to the financial sector and expand access to financial services nationwide.”
While the acquisition is still subject to regulatory approvals and final closing conditions, it highlights both TPL and Abhi’s commitment to expanding their footprint in the financial services sector.
Last December, the SBP granted approval to TPL and Abhi to begin due diligence on FINCA Microfinance Bank Limited, paving the way for this strategic move.
This transaction signals a pivotal moment in the evolution of Pakistan’s microfinance landscape, setting the stage for a more inclusive future in financial services.
