KARACHI: Mobilink Bank has signed a sale-purchase agreement to acquire an 82.51 per cent shareholding in PSXlisted Apna Microfinance Bank Ltd, subject to legal and regulatory approvals.
Mobilink Bank President and Chief Executive Haaris M. Chaudhary and Apna Microfinance Bank Chairman Muhammad Akram Shahid signed the agreement on behalf of their respective organisations on Thursday.
Neither bank disclosed the transaction amount.
Upon completion, Apna Bank’s customers will become part of Mobilink Bank, with continued access to their accounts and services during the transition.Mobilink Bank Chairman and JazzWorld CEO Aamir Ibrahim said the acquisition would extend the group’s financial services footprint, which includes JazzCash, JazzSure Insurance and FikrFree, into banking for agriculture and micro-enterprises.
Mr Chaudhary said the bank would ensure continuity for Apna Bank customers and a seamless transition to the larger institution.
Apna Microfinance Bank’s Acting CEO, Nazish Ali, said this agreement marked the beginning of an important new chapter for the bank. ‘We believe that becoming part of Mobilink Bank will provide our customers with access to broader capabilities, stronger digital infrastructure and an expanded range of financial services.