The State Bank of Pakistan (SBP) has given its final approval to TPL Corp Limited (TPL), a Pakistani financial platform, and Abhi (Private) Limited (Abhi) for the acquisition of FINCA Microfinance Bank Limited.

The development was shared by TPL Corp, the investment holding company of the TPL Group, via 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.

TPL informed that the acquisition is subject to compliance with applicable laws, rules, regulations and terms and conditions of the SBP.

“TPL and Abhi are in the process of completing all the requirements relating to the successful consummation of the acquisition,” added the notice.

FINCA Microfinance Bank Limited, incorporated on June 26, 2008, received the license to operate the company for banking business from the SBP on August 12, 2008.

The holding company of the bank is FINCA Microfinance Cooperatief U.A. The ultimate holding company of the Bank is FINCA International, Inc, a not-for-profit corporation incorporated in Washington DC, USA

Earlier in September, TPL and Abhi entered into a Share Purchase Agreement (SPA) with FINCA Microfinance Coöperatief U.A to jointly acquire FINCA Microfinance Bank Limited.

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.