The State Bank of Pakistan (SBP) has allowed TPL Corp Limited (PSX: TPL) and Abhi (Private) Limited to explore a potential deal for FINCA Microfinance Bank Limited, the company informed the Pakistan Stock Exchange on Tuesday. 'The State Bank of Pakistan, by way of its letter dated December 18, 2023, has granted TPL Corp Limited ('TPL') and Abhi (Private) Limited ('Abhi') its approval to commence the due diligence of FINCA Microfinance Bank Limited ('Bank') for the purpose of a potential acquisition by TPL along with Abhi of a majority shareholding in the Bank,' the stock filing said. The proposed transaction will remain subject to the outcome of the due diligence, obtaining requisite internal and regulatory approvals, and entering into definitive documentation, the filing added. FINCA Pakistan is part of FINCA Impact Finance (FIF), an international network of 16 microfinance banks, with nearly 40 years of experience in empowering tens of millions of people to build their financial health. The principal activity of TPL is to make investments in groups and other companies.
Source: Pro Pakistani