AMBL, FINCA sign MoU to create more efficient microfinance bank

MG News | January 27, 2023 at 11:51 AM GMT+05:00

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January 27, 2023 (MLN): Apna Microfinance Bank Limited (PSX: AMBL) and FINCA Microfinance Bank Limited (FINCA) have entered into a Memorandum of Understanding (MoU) through which the operations of the two banks will be combined to create a more efficient microfinance bank, the company filing's on PSX showed today.

This combined entity is expected to generate significant benefits for all stakeholders through economies of scale.

The increased market share and cost competitiveness will strengthen the Bank’s financial position to better serve the low-income segments across Pakistan by providing flexible micro-financing and saving schemes.

The State Bank of Pakistan (SBP) has granted in-principle conditional approval to commence reciprocal due diligence to further explore the transaction contemplated in the MOU subject to compliance with applicable laws, rules, and regulations.

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