Mobilink Bank signs deal to buy Apna Microfinance stake
Mobilink Bank signed an agreement in Karachi on Thursday to acquire an 82.51 percent shareholding in PSX-listed Apna Microfinance Bank Ltd.
Agreement details and signatories
Haaris M. Chaudhary, President and Chief Executive of Mobilink Bank, signed the sale-purchase agreement with Muhammad Akram Shahid, Chairman of Apna Microfinance Bank. The transaction is subject to necessary legal and regulatory approvals before it can be finalized. Neither bank has disclosed the specific financial amount involved in this acquisition yet.
Strategic expansion for group
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of JazzWorld, stated the move extends the group's footprint into agriculture and micro-enterprise banking. The existing ecosystem includes JazzCash, JazzSure Insurance, and FikrFree, which complement this new banking venture. Apna Bank customers will gain access to broader capabilities and a stronger digital infrastructure upon completion.
Customer continuity plans
Nazish Ali, Acting CEO of Apna Microfinance Bank, described the deal as the beginning of an important new chapter for the institution. Customers will retain access to their accounts and services throughout the transition period into the larger entity. The acquisition aims to safeguard depositor interests while creating a more resilient foundation for sustainable growth in Pakistan.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- Dawn
- Business Recorder
Reported by
2 independent outlets. Headlines as published. Links open the original report.