Mobilink Bank to buy 82.51% of Apna Microfinance Bank
Apna Bank customers will keep access to their accounts and services during the deal, Mobilink Bank said. The sale agreement is subject to legal and regulatory approvals.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- Mobilink Bank signed an agreement to acquire 82.51% of Apna Microfinance Bank
- The deal needs legal and regulatory approvals
- Apna Bank customers keep access to accounts and services during the transaction
Mobilink Bank has signed a Sale Purchase Agreement to acquire 82.51 percent of the shares in Apna Microfinance Bank Limited, known as Apna Bank. The deal is subject to applicable legal and regulatory approvals.
The proposed acquisition is described as an extension of Mobilink Bank's "Growth with Purpose" strategy. The agreement was signed by Haaris M. Chaudhary, President and CEO of Mobilink Bank, and Muhammad Akram Shahid, Chairman of Apna Bank. Senior leadership from both institutions and JazzWorld were present at the signing.
For customers, the banks said Apna Bank account holders will continue to have access to their accounts and services throughout the transaction. After completion, they will gain access to Mobilink Bank's nationwide presence, its Islamic Banking offerings and a digital financial services ecosystem powered by JazzCash.
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of JazzWorld, said: "We have been building the foundation of a comprehensive financial services ecosystem for Pakistan, from JazzCash's extensive reach in payments to JazzSure Insurance (formerly TPL Insurance) and FikrFree's modern insurance offerings in a market where insurance penetration remains considerably low, and now Mobilink Bank, which extends that same ambition into banking for agriculture and micro-enterprises."
Haaris M. Chaudhary said Mobilink Bank has built strong digital capabilities, scale and customer reach over time. He said: "As a customer-first organization, our focus is to ensure continuity for Apna Bank customers and make their transition into a larger, more future-ready institution as seamless as possible."
Nazish Ali, Acting CEO of Apna Bank, said: "This agreement marks the beginning of an important new chapter for Apna Bank." She said the bank's priority would remain the interests of customers, depositors, employees and other stakeholders, while ensuring continuity of service.
The reports did not give a purchase price or a timeline for completing the deal.
Why it matters for Pakistan
Customers of Apna Microfinance Bank are directly affected, as their bank is set to come under Mobilink Bank's ownership once approvals are granted. The banks say account access and services will continue during the transaction. After completion, these customers are to get Mobilink Bank's nationwide presence, Islamic Banking offerings and JazzCash-powered digital services. The deal also extends the JazzWorld group further into banking for agriculture and micro-enterprises.
Get khabr.pk news on Facebook and YouTube
Short news videos every day, and the day’s top stories in your feed.
